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1. Accounting policies used in the preparation of the financial statements
The Company is incorporated and domiciled in the United Kingdom and is registered on the premium segment of the Main Market
of the London Stock Exchange (LON: CWR).
The accounting policies applied in the preparation of these consolidated financial statements are set out below and at the start
of the respective notes to these consolidated financial statements. These policies have been consistently applied to all the years
presented, unless otherwise stated.
Basis of preparation
The consolidated financial statements of the Group have been prepared on a going concern basis, in accordance with UK-adopted
international accounting standards (\u201cIFRS\u201d) .
The Company has elected to prepare its entity financial statements in accordance with Financial Reporting Standard 101 Reduced
Disclosure Framework (\u201cFRS 101\u201d) and these are presented on pages 130 to 135.
The consolidated financial statements have been prepared on a historical cost basis except for derivative financial instruments that
are stated at their fair value.
Foreign currencies
The consolidated financial statements are presented in pounds sterling, which is the Company\u2019s functional currency and the
Group\u2019s presentational currency. Transactions denominated in foreign currencies are translated into sterling at the exchange rate
ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at
the foreign exchange rate prevailing at the period end. Foreign exchange differences arising on translation are recognised in the
Consolidated Statement of Profit and Loss.
Basis of consolidation
The consolidated financial statements of Ceres Power Holdings plc include the results of the Company, subsidiaries which are
controlled by the Group and the Group\u2019s interest in associates. The Group controls an entity when it is exposed to, or has rights
to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the
entity. In assessing control, the Group takes into consideration substantive potential voting rights that are currently exercisable.
The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are
included in the consolidated financial statements from the date that control commences until the date that control ceases.
Intra-Group balances and transactions, and any unrealised income and expenses arising from intra-Group transactions, are eliminated.
Associates
An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the
financial and operational policy decisions of the investee but is not control or joint control over those policies. The Group\u2019s share of
the results of associates is included in the Group\u2019s Consolidated Statement of Profit and Loss using the equity method of accounting.
Investments in associates are recognised in the Group\u2019s Consolidated Statement of Financial Position at cost plus post-acquisition
changes in the Group\u2019s share of the entity\u2019s net assets, less any impairment in value. If the Group\u2019s share of losses in an associate
equals or exceeds its investment in the associate, the Group does not recognise further losses, unless it has incurred obligations
to do so or made payments on behalf of the associate.
Unrealised gains arising from transactions with associates are eliminated to the extent of the Group\u2019s interest in the entity .
Going concern
The Group has reported a loss after tax for the year ended 31 December 2023 of \u00a354.0m (2022: \u00a347.6m) and net cash used in
operating activities of \u00a333.9m (2022: \u00a350.8m). At 31 December 2023, the Group held cash and cash equivalents and investments
of \u00a3140.0m (31 December 2022: \u00a3182.3m).
The Directors have prepared annual budgets and cash flow projections that extend 12 months from the date of approval of this
report. The decreased operating cash used in the year is a result of favourable movements in working capital, including significant
debtor receipts at the beginning of the year and a reduction in inventory held. Future projections include management\u2019s expectations
of the further investment in R&D projects, new product development and capital investment as the Group sustains its competitive
advantage in licensing fuel cell and electrolysis technologies. Future cash inflows reflect management\u2019s expectations of revenue
from existing and new licensee partners in both the power and green hydrogen markets.
The projections were stress tested by applying different scenarios in line with the Group\u2019s viability scenarios presented on pages
41 to 42 including a slower intake of future licensee partners leading to a loss of significant future revenue and a resulting cost
mitigation. The China joint venture with Weichai and Bosch has now been removed from future projections. In each case the
projections demonstrated that the Group is expected to have sufficient cash reserves to meet its liabilities as they fall due and
to continue as a going concern. For the above reasons, the Directors continue to adopt the going concern basis in preparing
the consolidated financial statements.
Critical accounting judgements and estimates
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and
assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Although these estimates are based on management\u2019s best
knowledge of the amount, event or actions, actual results may ultimately differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised. \u2003
Significant judgements
The judgements made by management in applying accounting policies that are considered to have the most significant impact
on the Group\u2019s assets and liabilities are the following:
\u2022 Revenue from customer contracts,
\u2022 Capitalisation and amortisation of development costs,
\u2022 Recognition of inventory, and
\u2022 Determination of the term of the lease as a lessee in the event of agreements with termination options.
Revenue from customer contracts
The Group has recognised revenue from customer contracts of \u00a322.3m in the year ended 31 December 2023 (2022: \u00a319.8m)
and net contract liabilities of \u00a35.9m as at 31 December 2023 (2022: \u00a37.0m). Note 2 sets out the Group\u2019s accounting policies in
respect of revenue from customer contracts and explains the movement to a net contract liabilities position when compared with
the prior year.
Customer contracts typically include engineering services, access to or sale of technology hardware and licences. Judgement is
required when identifying the performance obligations in a contract as well as when determining the basis on which to allocate
revenue between each performance obligation.
In determining the revenue recognition for licence components of customer contracts, judgements must be made as to the nature
of the licences (right to access or right to use) and the number and timing of performance obligations associated with those licences.
These judgements are made based on the interpretation of key clauses and conditions within each customer contract. For example,
where a contract confers the customer with the right to benefit from existing background IP as at a specific date, that is
generally treated as a right to use licence. In contrast, where a contract confers the customer with the right to benefit from
future IP developments as they occur, that is more likely to be treated as a right to access licence. Judgement is also required
when determining the point at which the benefit of the IP is fully transferred to the customer, which can depend on a number
of factors including the customer\u2019s prior experience with fuel cell technology.
Capitalisation and amortisation of development costs
When determining the criteria for starting, and subsequently ceasing, the capitalisation of development costs as an internally
generated asset, IAS 38 requires that strict criteria are met, in particular, that it is probable that future economic benefits will
result from the development asset.
Following the signing of commercial contracts with the Group\u2019s strategic partners in 2018, management determined that the
probability threshold had been met for the Group\u2019s fuel cell (\u201cSOFC\u201d) technology, and the Group implemented processes
to continuously review and assess all customer and internal development programme expenditure to ascertain whether it
is appropriate to capitalise development costs under IAS 38.
Determining when capitalisation should commence is a critical judgement, as is the basis for the appropriate stage at which
to cease capitalising ongoing costs and to commence amortising the capitalised asset.
Within the Group there is an established Technology and Product Development Process with gated milestones that assesses the
technology and product viability and maturity. Generally, until a programme has passed the required milestone gate, all expenditure
is deemed \u201cresearch\u201d and expensed as incurred. Expenses incurred after the milestone gate is passed are capitalised within the
parameters set out in the accounting policy. Once a programme has passed another milestone gate, confirming development
activities are completed, the capitalisation of costs ceases. Any further expenditure is expensed, and amortisation of the intangible
asset commences.
Application of the above policy requires management\u2019s judgement around key areas such as future commercial feasibility of the
development and that future economic benefit will be derived from the development. The Executive Committee regularly reviews
the critical judgements around capitalisation and useful economic life of development projects.
During the year ended 31 December 2023, the application of these judgements resulted in development costs of \u00a36.8m (2022: \u00a35.6m)
being capitalised (see Note 12). The net book value of capitalised development costs as at 31 December 2023 increased to
\u00a318.8m (31 December 2022: \u00a312.9m), and amortisation of \u00a30.9m (2022: \u00a30.9m) was charged during the year.
Despite encouraging signs of progress with our SOEC technology during the year, including progress made with the first of a
kind demonstrator and signing the Group\u2019s first SOEC contract with Delta Electronics in January 2024, we continue to expense
costs incurred in researching and developing our electrolysis technology. When we apply the strict criteria of capitalisation from
IAS 38 \u2018Intangible Assets\u2019 we determined that, as at 31 December 2023, the probability threshold to begin capitalisation has not
yet been met.
Recognition of inventory
In line with the UK Conceptual Framework for a definition of an asset and IAS 2: \u201cAn entity should initially recognise inventory
when it has control of the inventory, expects it to provide future economic benefits, and the cost of the inventory can be
measured reliably.\u201d The Group has recognised inventory for its next generation of solid oxide technology.
The key judgement to apply is the expectation of future economic benefits to be derived from the inventory recognised.
During the year the Group signed a loan evaluation agreement for the next generation of the Group\u2019s solid oxide cell technology
and together with the evaluation of the future pipeline, the Group\u2019s assessment is that the threshold for recognising inventories for
the next generation has been met. In the fourth quarter of 2023 raw materials and work in progress from the previous generation
of technology was evaluated to understand if it was capable of being utilised as part of the new technology; otherwise, it was
written off to the Consolidated Statement of Profit and Loss. The amount written off during the year was \u00a31.1m.
As at 31 December 2023 the Group held finished stacks relating to the previous generation of the solid oxide technology
with confirmed customer demand for these stacks. The Group held no finished stacks made up from our new generation of
technology; as such no finished stacks were subject to our internal testing and quarantine processes and as a result no provision
was recognised at the balance sheet date (31 December 2022: \u00a30.7m).
Determination of the term of the lease as a lessee in the event of agreements with termination options
Ceres determines the term of the lease as the non-cancellable period for which the lessee has the right to use the asset as well as
periods covered by termination options if Ceres is reasonably certain that it will not exercise that option. Both leases for premises
contain a break clause. Ceres applies judgement in evaluating whether it is reasonably certain that an option to renew will be
exercised or that an option to terminate the lease will not be exercised. In this context, Ceres considers all relevant facts and
circumstances that create an economic incentive for Ceres to exercise, or not to exercise, the termination option.
During the year, the Group signed a new lease agreement for premises based in Nuneaton. The break clause for the premises
was subsequently exercised and an adjustment of \u00a30.1m was recognised to the right-of-use asset, with a corresponding
adjustment to the lease liability, as set out in Notes 11 and 21.
Significant estimates and assumptions
Significant estimates and associated assumptions are those that have a significant risk of resulting in a material adjustment to
the carrying amounts of assets and liabilities within the next financial year. Although these estimates are based on management\u2019s
best knowledge of the amount, event or actions, actual results may ultimately differ from these estimates. The estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in
which the estimate is revised.
The most significant estimates, assumptions and sources of uncertainty applicable in preparing the consolidated financial
statements are set out below:
\u2022 Determination of period-related revenue recognition over the course of customer contracts,
\u2022 Recognition and measurement of warranty provisions, and
\u2022 Recognition and measurement of dilapidation provisions.
Determination of period-related revenue recognition over the course of customer contracts
Customer contracts typically include engineering services, access to or sale of technology hardware and licences. Revenue is
allocated to these key components based on initial cost estimates to deliver the obligations under the contract and established
margins for the different components. Management has established a range of margins to apply to contract components
where the costs can be reliably estimated. Given the sometimes complex and long-term nature of customer contracts, these
forecast cost estimations and margins are considered a significant area of estimation when valuing and allocating revenue to
key components.
Revenue for engineering services is recognised based on the percentage of completion method and is measured based on
the contract labour hours at each reporting period compared to the estimated total contract labour hours required to deliver
the service over the contract life. The assessment of the total project labour hours required to deliver the contracted service is
updated during the term of the contract by project managers and is subject to internal reviews, including comparison to previous
forecasts and past experience. Changes in these estimates may impact revenue recognised at the reporting date.
The actual recognition of wholly or partially unsatisfied performance obligations may ultimately differ from the estimate made
at the reporting date and it is reasonably possible that outcomes on these contracts within the next reporting period could
differ, adversely or favourably, in aggregate to those estimated. The estimated labour hours to complete each contract reflect
management\u2019s best estimate at that point in time. If the hours incurred for all of the Group\u2019s engineering services contracts were
10% higher or lower for the following 12 months (1 January 2024 to 31 December 2024), revenue recognised in that period could
be up to \u00a30.5m higher or lower (2022: \u00a30.9m higher or lower) as a result.
Recognition and measurement of warranty provisions and contingent liabilities
As at 31 December 2023, the Group recognised warranty provisions of \u00a30.6m (31 December 2022: \u00a30.9m). When recognising
and measuring provisions, assumptions are required about probability of occurrence, maturity and level of risk. Determining
whether a current obligation exists is usually based on review by internal experts. The amount of provision is based on expected
expenses, and is either calculated by assessing the specific case in light of empirical values, outcomes from comparable
circumstances, evidence provided from historical commercial settlements, or else estimated by experts.
Following the completion of certain contracts utilising our fuel cell stacks, and based on more data around stack failure and
degradation rates, the Group continues to hold a contingent liability of \u00a30.1m (31 December 2022: \u00a30.3m). The contingent
liability is recognised as there is a less than probable likelihood of the stacks failing or of the Group paying out on any potential
subsequent stack failures for certain stacks that may still be run by customers.
Management believes that, based on existing knowledge, it is reasonably possible that warranty costs could be up to 50% higher
than expected. This could result in the Group incurring additional costs of up to c.\u00a30.3m over the next 12 months (2022: \u00a30.6m)
as a result. Note 22 sets out further details around the Group\u2019s warranty provisions.
Recognition and measurement of dilapidation provisions
As at 31 December 2023, the Group has recognised dilapidation provisions of \u00a32.3m (31 December 2022: \u00a32.1m). The amount
of provision is based on the expected cost at the termination of the lease agreements, to bring the leasehold properties back to
their original condition. The provision has been based on an independent surveyor\u2019s report; however, management has applied
judgement and interpretation to determine the best estimate of the expenditure required to settle the Group\u2019s probable liability
based on this valuation, as well as to determine appropriate discount and inflation rates to apply. If total dilapidation costs ended
up being 10% higher than expected, additional costs incurred would be in the order of \u00a30.2m (2022: \u00a30.2m). Note 22 sets out
further details around the Group\u2019s dilapidation provisions.
Prior period adjustments
The directors have identified a number of prior period adjustments in the period:
Revenue
Revenue in 2021 and 2022 has been restated to correct the historical timing and foreign exchange impact of revenue recognition
for legacy licences, and to appropriately offset contract balances relating to the same identified contracts. At 31 December 2021,
the result of these adjustments on the consolidated statement of financial position was to reduce contract assets by \u00a32.0m and
reduce contract liabilities by \u00a30.4m with a corresponding reduction in net assets of \u00a31.6m. At 31 December 2022, the result of
these adjustments on the consolidated statement of financial position was to reduce contract assets by \u00a32.9m, increase contract
liabilities by \u00a31.0m and reduce net assets and increase in accumulated losses by \u00a33.9m. In respect of the consolidated statement of
profit and loss and other comprehensive income with a corresponding reduction in net assets and increase in accumulated losses
of \u00a33.9m, the adjustments reduced revenue by \u00a32.3m, reduced operating costs by \u00a30.1m and increased the loss before tax by
\u00a32.3m. There was no overall impact on cash flows from operating activities or recognised tax as a result of these adjustments.
Property, plant and equipment and non-current provisions
The movements in dilapidation provisions relating to items capitalised within property, plant and equipment, were not previously
capitalised but were incorrectly expensed to the income statement. Furthermore, the 2022 dilapidation provision did not correctly
reflect property, plant and equipment additions in the prior period. At 31 December 2021, the result of the adjustments on the
consolidated statement of financial position was to increase property, plant and equipment by \u00a30.5m with a corresponding
increase in net assets and reduction in accumulated losses. At 31 December 2022, the result of these adjustments on the
consolidated statement of financial position was to increase property plant and equipment by \u00a30.5m, increase non-current
provisions by \u00a30.2m with a corresponding increase in net assets and reduction in accumulated losses of \u00a30.3m. In respect of the
consolidated statement of profit and loss and other comprehensive income, the adjustments increased operating costs and losses
by \u00a30.2m. There was no overall impact on the net cash used in operating activities or other cash flows, or recognised tax as a
result of these adjustments.
Cash and cash equivalents and short-term investments
2022 short term investments incorrectly included cash balances with a value of \u00a38.5m. At 31 December 2022 the result of
the adjustments on the consolidated statement of financial position was to increase cash and cash equivalents by this amount
with a corresponding reduction to short-term investments. There was no impact on net assets or recognised tax as a result of
this adjustment. In respect of the consolidated statement of cash flows, the adjustment reduced the net cash used in investing
activities and the net decrease in cash and cash equivalents by the same amount.
Other current and non-current liabilities
Other current liabilities in 2021 and 2022 incorrectly included deferred income to be realised in more than one year. At 31
December 2022, the result of the adjustments on the consolidated statement of financial position was to increase other non-
current liabilities by \u00a31.0m with a corresponding reduction in other current liabilities. At 31 December 2021, the result of the
adjustments on the consolidated statement of financial position was to increase other non-current liabilities by \u00a30.8m with
a corresponding reduction in other current liabilities. There was no impact on net assets, recognised tax or the consolidated
statement of cash flows as a result of these adjustments.
Further prior period adjustments were required to the disclosure of cash flows in the consolidated cash flow statement, the
classification of assets under construction in note 10 and the disclosure of financial assets in note 20. These adjustments have
been detailed in the respective statement or note.
New standards and amendments applicable as of 1 January 2023
The Group has adopted all standards and interpretations amended or newly issued by the IASB that were effective in the year.
Their adoption has not had any material effect on the consolidated financial statements.
New standards and amendments issued but not yet effective
The following adopted IFRSs have been issued, have an effective date for annual periods beginning on or after 1 January 2024
and have not been applied by the Group in these consolidated financial statements. Their adoption is not expected to have a
material effect on the consolidated financial statements unless otherwise indicated.
The following amendments are effective for the periods beginning 1 January 2024 and 1 January 2025, but have not yet been
adopted by the UK Endorsement Board:
\u2022 IFRS 16 Leases (Amendment \u2013 Liability in a sale and leaseback)
\u2022 IAS 1 Presentation of Financial Statements (Amendment \u2013 Classification of liabilities as current or non-current)
\u2022 IAS 1 Presentation of Financial Statements (Amendment \u2013 Non-current liabilities with covenants)
\u2022 IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures (Amendment \u2013 Supplier finance arrangements)
\u2022 IAS 21 The Effect of Changes in Foreign Exchange (Amendment \u2013 Lack of exchangeability)
Revenue and direct costs Revenue comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the Group\u2019s activities. Revenue is shown net of value added tax, other sales taxes and after eliminating sales within the Group. Revenue primarily consists of amounts received or receivable under evaluation, development, supply and licence contracts. The nature of goods and services provided under these contracts consists of engineering services, access to or sale of technology hardware and licences to access and use intellectual property (\u201cIP\u201d). Engineering services are provided under evaluation and development agreements. The nature of the work typically comprises engineering staff time for design, development, modelling and test analysis. The performance obligation in relation to this work is deemed to be satisfied over time based on a percentage of completion basis. Technology hardware is provided to customers under evaluation, development and supply agreements. Where access to the hardware is provided under an evaluation agreement, the performance obligation is deemed to be satisfied on a straight-line basis over the period that the customer\u2019s preferred technology performance attributes are verified under the evaluation agreement. Where access to the hardware is provided under development and supply agreements, the performance obligation is satisfied at the point in time that the hardware is delivered and accepted. Access to IP is provided to customers under licence agreements. The nature of the licences (right to access or right to use) is determined based on the interpretation of key clauses and conditions within each customer contract. The performance obligation is the disclosure of IP under the licence and is based on the number and timing of disclosures associated with those licences. For a right to use licence the performance obligation is satisfied at a point in time when the IP is disclosed. For a right to access licence the performance obligation is satisfied over the time that access is granted to IP developed. Revenue is allocated to engineering services and access to or sale of technology hardware based on initial cost estimates to deliver the obligations under the contract and established margins for the different components (cost-plus margin). Management has established a range of margins to apply to contract components where the costs can be reliably estimated. Given the sometimes complex and long-term nature of customer contracts, these forecast cost estimations and margins are considered a significant area of judgement when valuing and allocating revenue to key components. Revenue is allocated to licences on a stand-alone selling price basis where observable. Where the licence forms part of a wider contract for the provision of engineering services and technology hardware, the Group uses a cost-plus margin approach for revenue allocated to engineering services and technology hardware components and a residual approach for allocating revenue to licences. Percentage of completion is measured based on the cumulative actual contract labour hours at each reporting period compared to the estimated total contract labour hours to deliver the service over the contract life. The assessment of the total project labour hours to deliver the contracted service are updated during the term of the contract by project managers and are subject to internal reviews, including comparison to previous forecasts and past experience. Material differences in the amount of revenue in any given period may result if the judgements or estimates prove to be incorrect or if management\u2019s estimates change on the basis of development of the business or market conditions. This is considered further in the significant judgements and estimates section of Note 1. The revenue recognition is subject to certainty of receipt of cash, or when any specific conditions in agreements have been met. Where there is a timing difference between the recognition of revenue and invoicing under a contract, a contract asset or liability is recognised. If a loss is expected in respect of a contract, the entire loss is recognised immediately in the Consolidated Statement of Profit and Loss. Variable consideration, such as for the achievement of performance targets or variation requests under negotiation with the customer at the reporting date, can be included in the transaction price together with the estimated costs to perform the associated obligations. These estimates of the expected value or most likely amount are recognised to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised in a future reporting period. Contract modifications are treated as a separate contract if the scope of the contract increases because of the addition of distinct goods or services, and the price of the contract increases by an amount of consideration that reflects the stand-alone selling price of the additional promised goods or services. Where a contract modification does not meet these criteria, it is accounted for as an adjustment to the existing contract, either prospectively, where the remaining goods or services are distinct from the goods and services transferred before the modification, or through a cumulative catch-up adjustment, where the remaining services are not distinct and are part of a single performance obligation that is only partially satisfied when the contract is modified. In accordance with IFRS 8, the Group has identified two reporting segments, being Power \u2013 SOFC and Hydrogen \u2013 SOEC, based on internal management reporting information that is regularly reviewed by the chief operating decision maker, which the Group considers to be the Executive team. The Group reports revenue and gross profit by segment to the Executive team. All of the Group\u2019s non-current assets are in the UK.
Research and development
The Group undertakes research and development activities either on its own behalf or in conjunction with customers.
Group and customer-funded expenditure on research, and on development activities not meeting the conditions for capitalisation
(see Note 12), are written off as incurred and charged to the Consolidated Statement of Profit and Loss.
Government grants
Grants are recognised on a case-by-case basis. Revenue grants are recognised in the Consolidated Statement of Profit and Loss
as other operating income as the related costs are incurred and expensed. The reimbursement of the cost of an item of plant and
equipment or intangible by way of a capital grant is presented as deferred income and recognised in the Consolidated Statement
of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its
estimated useful life.
For grants with no technical milestones, and where recovery is reasonable, the grant is recognised on an accruals basis in order
to match the associated expenditure with the grant income. For grants with technical milestones, these grants are held on the
Consolidated Statement of Financial Position as deferred income and are recognised only when the relevant milestone has
been achieved.
Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued. Pension scheme arrangements The Group operates a defined contribution pension plan for employees. The assets of the scheme are held separately from those of the Group in independently administered funds. The plan is a post-employment benefit plan under which the Group pays fixed contributions during the employee\u2019s service and will have no legal or constructive obligation to pay amounts after the employee\u2019s service ends. Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Statement of Profit and Loss in the period during which services are rendered by employees. The pension charge represents contributions payable by the Group to the funds and amounted to \u00a32,411,000 (31 December 2022: \u00a31,930,000). \u00a3316,000 was payable to the funds as at 31 December 2023 (31 December 2022: \u00a3nil). Taxation The taxation charge for the year comprises current and deferred tax and any adjustment to tax payable or receivable in respect of previous years. Tax is recognised in the Consolidated Statement of Profit and Loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. The RDEC receivable represents the Directors\u2019 best estimate of tax due to the Group at the year-end under the RDEC credit regime. Deferred taxation Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year-end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. The cost includes all expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the asset will flow to the Group and the cost of the asset can be measured reliably. All other repairs and maintenance costs are charged to the Consolidated Statement of Profit and Loss during the financial period in which they are incurred. The Directors annually consider the need to impair these assets. Depreciation is charged to the Consolidated Statement of Profit and Loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows:
Leasehold improvements
Ten years or the lease term if shorter
Plant and machinery
Three to ten years
Computer equipment
Three years
Fixtures and fittings
Three to ten years
Depreciation methods, useful lives and residual values are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying values of property, plant and equipment are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of property, plant and equipment exceeds its recoverable amount. Assets under construction represents the cost of purchasing, constructing and installing property, plant and equipment ahead of their productive use. The category is temporary, pending completion of the assets and their transfer to the appropriate and permanent category of property, plant and equipment. As such, no depreciation is charged on assets under construction. 11. Right-of-use assets The Group holds material leases for premises and lower value leases for IT equipment, with lease terms ranging from six months to ten years. The Group recognises right-of-use assets and lease liabilities (i.e. leases are recognised on the Consolidated Statement of Financial Position) for all leases other than for short-term leased plant and machinery (i.e. leases that have a term less than 12 months). Short term lease expense is recognised in operating expenses. Lease liabilities are initially measured at the present value of the remaining lease payments discounted at the Group\u2019s incremental borrowing rate. Subsequently, lease liabilities are measured by adjusting to reflect interest on the lease liability, reducing the liability to reflect lease payments made and to reflect any re-assessment or lease modifications, or revised in-substance fixed lease payments (refer to Note 21). The associated right-of-use asset for property leases and other assets is initially measured at the amount equal to the lease liability reduced for any lease incentives received, and increased for: lease payments made at or before commencement of the lease; initial direct costs incurred; and the amount of any provision recognised where the Group is contractually required to dismantle, remove or restore the leased asset. Subsequently, right-of-use assets are measured at cost less any accumulated depreciation and adjusted for any re-measurement of the lease liability. The re-measured lease liability is calculated by discounting the revised lease payments using a revised discount rate at the effective date of the modification. A corresponding adjustment is also made to the right-of-use asset unless the scope of the lease is decreased, in which case a gain or loss may be recognised. Right-of-use assets are depreciated over the shorter of the lease term and the relevant useful economic life following the periods set out in the property, plant and equipment depreciation policy. Where the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the right-of-use asset is depreciated over its useful economic life. Right-of-use assets are tested for impairment by applying IAS 36 Impairment of Assets. The carrying values of right-of-use assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of a right-of-use asset exceeds its recoverable amount. 12. Intangible assets Research and development Expenditure incurred on research and development is distinguished as relating to a research phase or development phase with reference to the Group\u2019s technology and product development process. All research phase expenditure is recognised in the Consolidated Statement of Profit and Loss as an expense when incurred (see Note 4). Development phase expenditure is capitalised from the point that all of the following conditions are met: \u2022 the product or process under development is technically and commercially feasible; \u2022 the Group intends to and has the technical ability and sufficient resources to complete the development; \u2022 future economic benefits are probable; and \u2022 the Group can measure reliably the expenditure attributable to the asset during its development. Development phase activities involve a plan or design for the production of new or substantially improved products or processes in relation to the Group\u2019s core fuel cell and system technology and intellectual property. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalisation of development phase activities continues until the point at which the product or process under development meets its originally mandated technical specification. For product and process development, this is at the point where the production design version is approved or the development is completed. Subsequent expenditure is capitalised where it enhances the functionality of the asset and demonstrably generates an enhanced economic benefit to the Group. All other subsequent expenditure on the product or process is expensed as incurred. Where development activities are funded through government grants and the cost of those activities is capitalised under this policy, the grants received are considered capital grants and are presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. Patent costs incurred in the procurement of patents in relevant territories are capitalised where the Group considers those patents relate to technology that is deemed to be commercially feasible. Other patent costs and costs to maintain patents once granted in those territories are expensed to in the Consolidated Statement of Profit and Loss as incurred. Subsequent to recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives and is presented within operating costs. The estimated useful lives are reviewed and adjusted as appropriate, at each balance sheet date. Intangible assets which are not yet available for use are tested for impairment at each balance sheet date. The following useful lives are used in the calculation of amortisation:
Capitalised development
Two to seven years
Patent costs
Three to ten years
Perpetual software licences
Three years
The carrying values of intangible assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of an intangible asset exceeds its recoverable amount. 14. Inventories Inventories consist of raw materials, work in progress and finished goods 15. Trade and other receivables Trade receivables are recognised initially at transaction price and subsequently held at amortised cost using the effective interest method, less loss allowances. Loss allowances are calculated using the simplified approach to determine expected credit losses, taking into account both historical payment profiles and any credit losses experienced, together with forward-looking macroeconomic factors. The carrying amount of these balances approximates to fair value due to the short maturity of amounts receivable. Payment terms generally range between 30 and 60 days depending on the customer. Although the Group\u2019s past experience of significant credit losses on these assets has been negligible, the impairment assessment performed by the Group considers both past experience and future expectations of credit losses. As a result of this assessment, the Group considers the risk of expected credit losses on trade receivables and contract assets to be immaterial. Further details on this assessment are provided in Note 20. Cash and cash equivalents Cash and cash equivalents includes cash at bank and in hand, pooled money market funds and short-term deposits with an original maturity of less than or equal to one month. 18. Trade and other payables Trade and other payables are initially recognised at fair value, which is typically the invoiced amount and then held at amortised cost. Other payables include taxes and social security amounts due on behalf of the Group\u2019s employees. Derivative financial instruments The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Group uses forward contracts, and in limited circumstances options, to hedge against foreign currency-denominated income and expenditure commitments. The use of financial derivatives is governed by the Group\u2019s treasury policy, as approved by the Board. The Group does not use derivative financial instruments for speculative purposes. Details of financial instruments are shown later in this note. Derivative financial instruments are recognised at fair value. The gains or losses on re-measurement to fair value are recognised immediately in the Consolidated Statement of Profit and Loss as they arise and are shown in Note 4. The Group only uses derivative financial instruments to hedge foreign currency exposures which arise from an underlying current or anticipated business requirement. The Group does not currently apply hedge accounting to any derivatives in place, and derivatives are treated at fair value through P&L. The Group does not currently use derivative instruments to manage its interest rate risk. The Group does not trade in financial instruments. Fair values of financial assets and financial liabilities There is no material difference between the fair value and the carrying value of the Group\u2019s financial assets and financial liabilities. Carrying value approximates to fair value because of the short maturity periods of these financial instruments. The fair value of forward exchange contracts is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds). The fair value of currency options is estimated using the Black\u2013Scholes pricing model based on the strike price with reference to the future exchange rate, spot rate and risk-free interest rate. Forward exchange contracts and options are included in the Level 2 classification. Other than the forward contracts and options noted below, none of the Group\u2019s assets and liabilities were measured at fair value at 31 December 2023 (31 December 2022: none). 21. Lease liabilities The Group leases certain assets under lease agreements. The lease liability consists of leases of land and buildings and computer equipment. The property leases expire between June 2024 and November 2028. Full details of the accounting policy under which leases are recognised are in Note 11 . 22. Provisions and contingent liabilities Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation where relevant. Contingent liabilities Contingent liabilities are disclosed where the likelihood of payment of potential future cash outflows is considered more than remote, but is not considered probable or cannot be measured reliably. Property dilapidations Provisions have been made for future dilapidation costs on the leased properties. This provision is the Directors\u2019 best estimate as the actual costs and timing of future cash flows are dependent on future events and are updated periodically. The estimate is supported by advice received from professional advisers. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Warranties As at the year-end, only a small proportion of technology hardware supplied or sold to customers was provided with contractual warranties. The warranty provision is recognised in accordance with IAS 37 as the majority of technology hardware supplied or sold to customers has been provided without contractual warranties and there is no option to acquire a warranty separately. Where a constructive obligation is considered to have been created through an expectation or past practice, a provision for the associated costs of future claims has been included at the year-end. The Group recognises a provision for both contractual and constructive obligation warranties when the underlying products and services are sold. The provision is based on the past performance of the technology hardware, management\u2019s knowledge, customer expectations and a weighting of possible outcomes against their associated probabilities. Where warranty obligations are not considered to be probable, they are not provided for but instead are disclosed as contingent liabilities unless remote. Contract losses The Group holds provisions for expected contractual costs that it expects to incur over the life of the contract. Management exercises judgement to determine the value of the costs to be incurred and the amount of the provision to be made. Each provision is considered separately and the amount provided reflects the best estimate of the most likely amount to be incurred. Provision is made when the contractual or constructive obligation occurs. The provision is used to offset the costs incurred in delivering the onerous contracts. 25. Share options Share-based payments The Group has a number of employee and executive share option and award schemes under which it makes equity-settled share-based payments. The fair value of share-based payment awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured using option valuation models, taking into account the terms and conditions upon which the awards were granted. The fair value of the share-based payment, determined at the grant date, is measured to reflect vesting and non-vesting conditions and for market-related vesting conditions there is no true-up for differences between expected and actual outcomes. Expected volatility was determined by calculating the historical volatility of the Company\u2019s shares compared with AIM over a period consistent with the expected term of the options. Where the parent Company grants options over its own shares to the employees of the Group, these are accounted for as equity-settled in the consolidated accounts of the Group. The total charge recognised in the year ended 31 December 2023 relating to employee share-based payments was \u00a367,000 (2022: \u00a3997,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-306": { "value": "The Company is incorporated and domiciled in the United Kingdom and is registered on the premium segment of the Main Market of the London Stock Exchange (LON: CWR). The accounting policies applied in the preparation of these consolidated financial statements are set out below and at the start of the respective notes to these consolidated financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-298": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-307": { "value": "Basis of preparation The consolidated financial statements of the Group have been prepared on a going concern basis, in accordance with UK-adopted international accounting standards (\u201cIFRS\u201d) . The Company has elected to prepare its entity financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (\u201cFRS 101\u201d) and these are presented on pages 130 to 135. The consolidated financial statements have been prepared on a historical cost basis except for derivative financial instruments that are stated at their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "value": "The consolidated financial statements of the Group have been prepared on a going concern basis, in accordance with UK-adopted international accounting standards (\u201cIFRS\u201d) ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-308": { "value": "Foreign currencies The consolidated financial statements are presented in pounds sterling, which is the Company\u2019s functional currency and the Group\u2019s presentational currency. Transactions denominated in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the foreign exchange rate prevailing at the period end. Foreign exchange differences arising on translation are recognised in the Consolidated Statement of Profit and Loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "value": "The consolidated financial statements are presented in pounds sterling, which is the Company\u2019s functional currency and the Group\u2019s presentational currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "value": "Basis of consolidation The consolidated financial statements of Ceres Power Holdings plc include the results of the Company, subsidiaries which are controlled by the Group and the Group\u2019s interest in associates. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration substantive potential voting rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intra-Group balances and transactions, and any unrealised income and expenses arising from intra-Group transactions, are eliminated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "value": "The consolidated financial statements of Ceres Power Holdings plc include the results of the Company, subsidiaries which are controlled by the Group and the Group\u2019s interest in associates. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration substantive potential voting rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intra-Group balances and transactions, and any unrealised income and expenses arising from intra-Group transactions, are eliminated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "value": "Associates An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operational policy decisions of the investee but is not control or joint control over those policies. The Group\u2019s share of the results of associates is included in the Group\u2019s Consolidated Statement of Profit and Loss using the equity method of accounting. Investments in associates are recognised in the Group\u2019s Consolidated Statement of Financial Position at cost plus post-acquisition changes in the Group\u2019s share of the entity\u2019s net assets, less any impairment in value. If the Group\u2019s share of losses in an associate equals or exceeds its investment in the associate, the Group does not recognise further losses, unless it has incurred obligations to do so or made payments on behalf of the associate. Unrealised gains arising from transactions with associates are eliminated to the extent of the Group\u2019s interest in the entity ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "value": "Associates An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operational policy decisions of the investee but is not control or joint control over those policies. The Group\u2019s share of the results of associates is included in the Group\u2019s Consolidated Statement of Profit and Loss using the equity method of accounting. Investments in associates are recognised in the Group\u2019s Consolidated Statement of Financial Position at cost plus post-acquisition changes in the Group\u2019s share of the entity\u2019s net assets, less any impairment in value. If the Group\u2019s share of losses in an associate equals or exceeds its investment in the associate, the Group does not recognise further losses, unless it has incurred obligations to do so or made payments on behalf of the associate. Unrealised gains arising from transactions with associates are eliminated to the extent of the Group\u2019s interest in the entity . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "Going concern The Group has reported a loss after tax for the year ended 31 December 2023 of \u00a354.0m (2022: \u00a347.6m) and net cash used in operating activities of \u00a333.9m (2022: \u00a350.8m). At 31 December 2023, the Group held cash and cash equivalents and investments of \u00a3140.0m (31 December 2022: \u00a3182.3m). The Directors have prepared annual budgets and cash flow projections that extend 12 months from the date of approval of this report. The decreased operating cash used in the year is a result of favourable movements in working capital, including significant debtor receipts at the beginning of the year and a reduction in inventory held. Future projections include management\u2019s expectations of the further investment in R&D projects, new product development and capital investment as the Group sustains its competitive advantage in licensing fuel cell and electrolysis technologies. Future cash inflows reflect management\u2019s expectations of revenue from existing and new licensee partners in both the power and green hydrogen markets. The projections were stress tested by applying different scenarios in line with the Group\u2019s viability scenarios presented on pages 41 to 42 including a slower intake of future licensee partners leading to a loss of significant future revenue and a resulting cost mitigation. The China joint venture with Weichai and Bosch has now been removed from future projections. In each case the projections demonstrated that the Group is expected to have sufficient cash reserves to meet its liabilities as they fall due and to continue as a going concern. For the above reasons, the Directors continue to adopt the going concern basis in preparing the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "Critical accounting judgements and estimates The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions, actual results may ultimately differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. \u2003Significant judgements The judgements made by management in applying accounting policies that are considered to have the most significant impact on the Group\u2019s assets and liabilities are the following: \u2022 Revenue from customer contracts, \u2022 Capitalisation and amortisation of development costs, \u2022 Recognition of inventory, and \u2022 Determination of the term of the lease as a lessee in the event of agreements with termination options. Revenue from customer contracts The Group has recognised revenue from customer contracts of \u00a322.3m in the year ended 31 December 2023 (2022: \u00a319.8m) and net contract liabilities of \u00a35.9m as at 31 December 2023 (2022: \u00a37.0m). Note 2 sets out the Group\u2019s accounting policies in respect of revenue from customer contracts and explains the movement to a net contract liabilities position when compared with the prior year. Customer contracts typically include engineering services, access to or sale of technology hardware and licences. Judgement is required when identifying the performance obligations in a contract as well as when determining the basis on which to allocate revenue between each performance obligation. In determining the revenue recognition for licence components of customer contracts, judgements must be made as to the nature of the licences (right to access or right to use) and the number and timing of performance obligations associated with those licences. These judgements are made based on the interpretation of key clauses and conditions within each customer contract. For example, where a contract confers the customer with the right to benefit from existing background IP as at a specific date, that is generally treated as a right to use licence. In contrast, where a contract confers the customer with the right to benefit from future IP developments as they occur, that is more likely to be treated as a right to access licence. Judgement is also required when determining the point at which the benefit of the IP is fully transferred to the customer, which can depend on a number of factors including the customer\u2019s prior experience with fuel cell technology. Capitalisation and amortisation of development costs When determining the criteria for starting, and subsequently ceasing, the capitalisation of development costs as an internally generated asset, IAS 38 requires that strict criteria are met, in particular, that it is probable that future economic benefits will result from the development asset. Following the signing of commercial contracts with the Group\u2019s strategic partners in 2018, management determined that the probability threshold had been met for the Group\u2019s fuel cell (\u201cSOFC\u201d) technology, and the Group implemented processes to continuously review and assess all customer and internal development programme expenditure to ascertain whether it is appropriate to capitalise development costs under IAS 38. Determining when capitalisation should commence is a critical judgement, as is the basis for the appropriate stage at which to cease capitalising ongoing costs and to commence amortising the capitalised asset. Within the Group there is an established Technology and Product Development Process with gated milestones that assesses the technology and product viability and maturity. Generally, until a programme has passed the required milestone gate, all expenditure is deemed \u201cresearch\u201d and expensed as incurred. Expenses incurred after the milestone gate is passed are capitalised within the parameters set out in the accounting policy. Once a programme has passed another milestone gate, confirming development activities are completed, the capitalisation of costs ceases. Any further expenditure is expensed, and amortisation of the intangible asset commences. Application of the above policy requires management\u2019s judgement around key areas such as future commercial feasibility of the development and that future economic benefit will be derived from the development. The Executive Committee regularly reviews the critical judgements around capitalisation and useful economic life of development projects. During the year ended 31 December 2023, the application of these judgements resulted in development costs of \u00a36.8m (2022: \u00a35.6m) being capitalised (see Note 12). The net book value of capitalised development costs as at 31 December 2023 increased to \u00a318.8m (31 December 2022: \u00a312.9m), and amortisation of \u00a30.9m (2022: \u00a30.9m) was charged during the year. Despite encouraging signs of progress with our SOEC technology during the year, including progress made with the first of a kind demonstrator and signing the Group\u2019s first SOEC contract with Delta Electronics in January 2024, we continue to expense costs incurred in researching and developing our electrolysis technology. When we apply the strict criteria of capitalisation from IAS 38 \u2018Intangible Assets\u2019 we determined that, as at 31 December 2023, the probability threshold to begin capitalisation has not yet been met. Recognition of inventory In line with the UK Conceptual Framework for a definition of an asset and IAS 2: \u201cAn entity should initially recognise inventory when it has control of the inventory, expects it to provide future economic benefits, and the cost of the inventory can be measured reliably.\u201d The Group has recognised inventory for its next generation of solid oxide technology. The key judgement to apply is the expectation of future economic benefits to be derived from the inventory recognised. During the year the Group signed a loan evaluation agreement for the next generation of the Group\u2019s solid oxide cell technology and together with the evaluation of the future pipeline, the Group\u2019s assessment is that the threshold for recognising inventories for the next generation has been met. In the fourth quarter of 2023 raw materials and work in progress from the previous generation of technology was evaluated to understand if it was capable of being utilised as part of the new technology; otherwise, it was written off to the Consolidated Statement of Profit and Loss. The amount written off during the year was \u00a31.1m. As at 31 December 2023 the Group held finished stacks relating to the previous generation of the solid oxide technology with confirmed customer demand for these stacks. The Group held no finished stacks made up from our new generation of technology; as such no finished stacks were subject to our internal testing and quarantine processes and as a result no provision was recognised at the balance sheet date (31 December 2022: \u00a30.7m). Determination of the term of the lease as a lessee in the event of agreements with termination options Ceres determines the term of the lease as the non-cancellable period for which the lessee has the right to use the asset as well as periods covered by termination options if Ceres is reasonably certain that it will not exercise that option. Both leases for premises contain a break clause. Ceres applies judgement in evaluating whether it is reasonably certain that an option to renew will be exercised or that an option to terminate the lease will not be exercised. In this context, Ceres considers all relevant facts and circumstances that create an economic incentive for Ceres to exercise, or not to exercise, the termination option. During the year, the Group signed a new lease agreement for premises based in Nuneaton. The break clause for the premises was subsequently exercised and an adjustment of \u00a30.1m was recognised to the right-of-use asset, with a corresponding adjustment to the lease liability, as set out in Notes 11 and 21. Significant estimates and assumptions Significant estimates and associated assumptions are those that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions, actual results may ultimately differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. The most significant estimates, assumptions and sources of uncertainty applicable in preparing the consolidated financial statements are set out below: \u2022 Determination of period-related revenue recognition over the course of customer contracts, \u2022 Recognition and measurement of warranty provisions, and \u2022 Recognition and measurement of dilapidation provisions. Determination of period-related revenue recognition over the course of customer contracts Customer contracts typically include engineering services, access to or sale of technology hardware and licences. Revenue is allocated to these key components based on initial cost estimates to deliver the obligations under the contract and established margins for the different components. Management has established a range of margins to apply to contract components where the costs can be reliably estimated. Given the sometimes complex and long-term nature of customer contracts, these forecast cost estimations and margins are considered a significant area of estimation when valuing and allocating revenue to key components. Revenue for engineering services is recognised based on the percentage of completion method and is measured based on the contract labour hours at each reporting period compared to the estimated total contract labour hours required to deliver the service over the contract life. The assessment of the total project labour hours required to deliver the contracted service is updated during the term of the contract by project managers and is subject to internal reviews, including comparison to previous forecasts and past experience. Changes in these estimates may impact revenue recognised at the reporting date. The actual recognition of wholly or partially unsatisfied performance obligations may ultimately differ from the estimate made at the reporting date and it is reasonably possible that outcomes on these contracts within the next reporting period could differ, adversely or favourably, in aggregate to those estimated. The estimated labour hours to complete each contract reflect management\u2019s best estimate at that point in time. If the hours incurred for all of the Group\u2019s engineering services contracts were 10% higher or lower for the following 12 months (1 January 2024 to 31 December 2024), revenue recognised in that period could be up to \u00a30.5m higher or lower (2022: \u00a30.9m higher or lower) as a result. Recognition and measurement of warranty provisions and contingent liabilities As at 31 December 2023, the Group recognised warranty provisions of \u00a30.6m (31 December 2022: \u00a30.9m). When recognising and measuring provisions, assumptions are required about probability of occurrence, maturity and level of risk. Determining whether a current obligation exists is usually based on review by internal experts. The amount of provision is based on expected expenses, and is either calculated by assessing the specific case in light of empirical values, outcomes from comparable circumstances, evidence provided from historical commercial settlements, or else estimated by experts. Following the completion of certain contracts utilising our fuel cell stacks, and based on more data around stack failure and degradation rates, the Group continues to hold a contingent liability of \u00a30.1m (31 December 2022: \u00a30.3m). The contingent liability is recognised as there is a less than probable likelihood of the stacks failing or of the Group paying out on any potential subsequent stack failures for certain stacks that may still be run by customers. Management believes that, based on existing knowledge, it is reasonably possible that warranty costs could be up to 50% higher than expected. This could result in the Group incurring additional costs of up to c.\u00a30.3m over the next 12 months (2022: \u00a30.6m) as a result. Note 22 sets out further details around the Group\u2019s warranty provisions. Recognition and measurement of dilapidation provisions As at 31 December 2023, the Group has recognised dilapidation provisions of \u00a32.3m (31 December 2022: \u00a32.1m). The amount of provision is based on the expected cost at the termination of the lease agreements, to bring the leasehold properties back to their original condition. The provision has been based on an independent surveyor\u2019s report; however, management has applied judgement and interpretation to determine the best estimate of the expenditure required to settle the Group\u2019s probable liability based on this valuation, as well as to determine appropriate discount and inflation rates to apply. If total dilapidation costs ended up being 10% higher than expected, additional costs incurred would be in the order of \u00a30.2m (2022: \u00a30.2m). Note 22 sets out further details around the Group\u2019s dilapidation provisions. Prior period adjustments The directors have identified a number of prior period adjustments in the period: Revenue Revenue in 2021 and 2022 has been restated to correct the historical timing and foreign exchange impact of revenue recognition for legacy licences, and to appropriately offset contract balances relating to the same identified contracts. At 31 December 2021, the result of these adjustments on the consolidated statement of financial position was to reduce contract assets by \u00a32.0m and reduce contract liabilities by \u00a30.4m with a corresponding reduction in net assets of \u00a31.6m. At 31 December 2022, the result of these adjustments on the consolidated statement of financial position was to reduce contract assets by \u00a32.9m, increase contract liabilities by \u00a31.0m and reduce net assets and increase in accumulated losses by \u00a33.9m. In respect of the consolidated statement of profit and loss and other comprehensive income with a corresponding reduction in net assets and increase in accumulated losses of \u00a33.9m, the adjustments reduced revenue by \u00a32.3m, reduced operating costs by \u00a30.1m and increased the loss before tax by \u00a32.3m. There was no overall impact on cash flows from operating activities or recognised tax as a result of these adjustments. Property, plant and equipment and non-current provisions The movements in dilapidation provisions relating to items capitalised within property, plant and equipment, were not previously capitalised but were incorrectly expensed to the income statement. Furthermore, the 2022 dilapidation provision did not correctly reflect property, plant and equipment additions in the prior period. At 31 December 2021, the result of the adjustments on the consolidated statement of financial position was to increase property, plant and equipment by \u00a30.5m with a corresponding increase in net assets and reduction in accumulated losses. At 31 December 2022, the result of these adjustments on the consolidated statement of financial position was to increase property plant and equipment by \u00a30.5m, increase non-current provisions by \u00a30.2m with a corresponding increase in net assets and reduction in accumulated losses of \u00a30.3m. In respect of the consolidated statement of profit and loss and other comprehensive income, the adjustments increased operating costs and losses by \u00a30.2m. There was no overall impact on the net cash used in operating activities or other cash flows, or recognised tax as a result of these adjustments. Cash and cash equivalents and short-term investments 2022 short term investments incorrectly included cash balances with a value of \u00a38.5m. At 31 December 2022 the result of the adjustments on the consolidated statement of financial position was to increase cash and cash equivalents by this amount with a corresponding reduction to short-term investments. There was no impact on net assets or recognised tax as a result of this adjustment. In respect of the consolidated statement of cash flows, the adjustment reduced the net cash used in investing activities and the net decrease in cash and cash equivalents by the same amount. Other current and non-current liabilities Other current liabilities in 2021 and 2022 incorrectly included deferred income to be realised in more than one year. At 31 December 2022, the result of the adjustments on the consolidated statement of financial position was to increase other non- current liabilities by \u00a31.0m with a corresponding reduction in other current liabilities. At 31 December 2021, the result of the adjustments on the consolidated statement of financial position was to increase other non-current liabilities by \u00a30.8m with a corresponding reduction in other current liabilities. There was no impact on net assets, recognised tax or the consolidated statement of cash flows as a result of these adjustments. Further prior period adjustments were required to the disclosure of cash flows in the consolidated cash flow statement, the classification of assets under construction in note 10 and the disclosure of financial assets in note 20. These adjustments have been detailed in the respective statement or note. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "value": "New standards and amendments applicable as of 1 January 2023 The Group has adopted all standards and interpretations amended or newly issued by the IASB that were effective in the year. Their adoption has not had any material effect on the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "New standards and amendments applicable as of 1 January 2023 The Group has adopted all standards and interpretations amended or newly issued by the IASB that were effective in the year. Their adoption has not had any material effect on the consolidated financial statements. New standards and amendments issued but not yet effective The following adopted IFRSs have been issued, have an effective date for annual periods beginning on or after 1 January 2024 and have not been applied by the Group in these consolidated financial statements. Their adoption is not expected to have a material effect on the consolidated financial statements unless otherwise indicated. The following amendments are effective for the periods beginning 1 January 2024 and 1 January 2025, but have not yet been adopted by the UK Endorsement Board: \u2022 IFRS 16 Leases (Amendment \u2013 Liability in a sale and leaseback) \u2022 IAS 1 Presentation of Financial Statements (Amendment \u2013 Classification of liabilities as current or non-current) \u2022 IAS 1 Presentation of Financial Statements (Amendment \u2013 Non-current liabilities with covenants) \u2022 IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures (Amendment \u2013 Supplier finance arrangements) \u2022 IAS 21 The Effect of Changes in Foreign Exchange (Amendment \u2013 Lack of exchangeability) ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "New standards and amendments issued but not yet effective The following adopted IFRSs have been issued, have an effective date for annual periods beginning on or after 1 January 2024 and have not been applied by the Group in these consolidated financial statements. Their adoption is not expected to have a material effect on the consolidated financial statements unless otherwise indicated. The following amendments are effective for the periods beginning 1 January 2024 and 1 January 2025, but have not yet been adopted by the UK Endorsement Board: \u2022 IFRS 16 Leases (Amendment \u2013 Liability in a sale and leaseback) \u2022 IAS 1 Presentation of Financial Statements (Amendment \u2013 Classification of liabilities as current or non-current) \u2022 IAS 1 Presentation of Financial Statements (Amendment \u2013 Non-current liabilities with covenants) \u2022 IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures (Amendment \u2013 Supplier finance arrangements) \u2022 IAS 21 The Effect of Changes in Foreign Exchange (Amendment \u2013 Lack of exchangeability) ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-314": { "value": "
2. Revenue
Revenue and direct costs
Revenue comprises the fair value of the consideration received or receivable for the provision of goods and services in the
ordinary course of the Group\u2019s activities. Revenue is shown net of value added tax, other sales taxes and after eliminating sales
within the Group.
Revenue primarily consists of amounts received or receivable under evaluation, development, supply and licence contracts.
The nature of goods and services provided under these contracts consists of engineering services, access to or sale of
technology hardware and licences to access and use intellectual property (\u201cIP\u201d).
Engineering services are provided under evaluation and development agreements. The nature of the work typically comprises
engineering staff time for design, development, modelling and test analysis. The performance obligation in relation to this work
is deemed to be satisfied over time based on a percentage of completion basis.
Technology hardware is provided to customers under evaluation, development and supply agreements. Where access to the
hardware is provided under an evaluation agreement, the performance obligation is deemed to be satisfied on a straight-line basis
over the period that the customer\u2019s preferred technology performance attributes are verified under the evaluation agreement.
Where access to the hardware is provided under development and supply agreements, the performance obligation is satisfied
at the point in time that the hardware is delivered and accepted.
Access to IP is provided to customers under licence agreements. The nature of the licences (right to access or right to use) is
determined based on the interpretation of key clauses and conditions within each customer contract. The performance obligation
is the disclosure of IP under the licence and is based on the number and timing of disclosures associated with those licences.
For a right to use licence the performance obligation is satisfied at a point in time when the IP is disclosed. For a right to access
licence the performance obligation is satisfied over the time that access is granted to IP developed.
Revenue is allocated to engineering services and access to or sale of technology hardware based on initial cost estimates to
deliver the obligations under the contract and established margins for the different components (cost-plus margin). Management
has established a range of margins to apply to contract components where the costs can be reliably estimated.
Given the sometimes complex and long-term nature of customer contracts, these forecast cost estimations and margins are
considered a significant area of judgement when valuing and allocating revenue to key components.
Revenue is allocated to licences on a stand-alone selling price basis where observable. Where the licence forms part of a wider
contract for the provision of engineering services and technology hardware, the Group uses a cost-plus margin approach for
revenue allocated to engineering services and technology hardware components and a residual approach for allocating revenue
to licences.
Percentage of completion is measured based on the cumulative actual contract labour hours at each reporting period compared
to the estimated total contract labour hours to deliver the service over the contract life. The assessment of the total project labour
hours to deliver the contracted service are updated during the term of the contract by project managers and are subject to
internal reviews, including comparison to previous forecasts and past experience.
Material differences in the amount of revenue in any given period may result if the judgements or estimates prove to be incorrect
or if management\u2019s estimates change on the basis of development of the business or market conditions. This is considered further
in the significant judgements and estimates section of Note 1.
The revenue recognition is subject to certainty of receipt of cash, or when any specific conditions in agreements have been met.
Where there is a timing difference between the recognition of revenue and invoicing under a contract, a contract asset or liability
is recognised.
If a loss is expected in respect of a contract, the entire loss is recognised immediately in the Consolidated Statement of Profit and Loss.
Variable consideration, such as for the achievement of performance targets or variation requests under negotiation with the
customer at the reporting date, can be included in the transaction price together with the estimated costs to perform the
associated obligations. These estimates of the expected value or most likely amount are recognised to the extent that it is highly
probable that there will not be a significant reversal in the amount of cumulative revenue recognised in a future reporting period.
Contract modifications are treated as a separate contract if the scope of the contract increases because of the addition of distinct
goods or services, and the price of the contract increases by an amount of consideration that reflects the stand-alone selling price
of the additional promised goods or services.
Where a contract modification does not meet these criteria, it is accounted for as an adjustment to the existing contract,
either prospectively, where the remaining goods or services are distinct from the goods and services transferred before the
modification, or through a cumulative catch-up adjustment, where the remaining services are not distinct and are part of a single
performance obligation that is only partially satisfied when the contract is modified.
The Group\u2019s revenue is disaggregated by geographical market, major product/service lines, and timing of revenue recognition:
Geographical market
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Europe
12,394
7,980
Asia
9,589
11,391
North America
341
394
Rest of World
\u2014
23
22,324
19,788
1
2
2
For the year ended 31 December 2023, the Group has identified two major customers (defined as customers that individually
contributed more than 10% of the Group\u2019s total revenue) that accounted for approximately 51% (SOFC and SOEC) and 39%
(all SOFC) of the Group\u2019s total revenue recognised in the year (year ended 31 December 2022: two customers that accounted
for approximately 48% and 38% of the Group\u2019s total revenue for that year).
Major product/service lines
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Engineering services
10,220
9,039
Provision of technology hardware
5,726
5,380
Licences
6,378
5,369
22,324
19,788
1
2
Timing of transfer of goods and services
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Products and services transferred at a point in time
6,544
4,760
Products and services transferred over time
15,780
15,028
22,324
19,788
1
Contract-related assets and liabilities
31 Dec 2022 31 Dec 2021
31 Dec 2023 \u00a3\u2019000 \u00a3\u2019000
Note \u00a3\u2019000 Restated Restated
Trade receivables
15
3,422
11,825
2,612
Contract assets \u2013 accrued income
1,575
400
5,343
Total contract-related assets
4,997
12,225
7,955
Contract liabilities \u2013 deferred income
(7,469)
(7,363)
(3,917)
1
1
1. The adjustments in respect of 2022 and 2021 are described in Note 1.
2. The adjustments as described in Note 1 have impacted 2022 licences revenue in both Europe and Asia.
No material expected credit losses were recognised against trade receivables or contract assets in either the current or prior year.
Further details regarding the composition of trade receivables can be found in Note 15.
The contract assets \u2013 accrued income \u2013 relates to consideration for work completed but not billed at the reporting date.
The contract assets are transferred to trade receivables when the rights become unconditional, which is generally when work
is invoiced. The increase in the balance compared with 31 December 2022 is a result of significant revenue recognised in the
period from two customers and timing differences with invoicing.
The contract liabilities \u2013 deferred income \u2013 relates to invoices raised or consideration received in advance from customers.
There are no significant financing components associated with deferred income. The increase in the balance compared with the
prior year is primarily due to timing differences between revenue recognised on work performed and raising invoices to customers.
Revenue recognised in the current year that was included in the contract liabilities \u2013 deferred income \u2013 balance at the beginning
of the year was \u00a32,380,000 (31 December 2022: \u00a3771,000).
There were no significant amounts of revenue recognised in the year ended 31 December 2023 arising from performance
obligations satisfied in previous periods (31 December 2022: no significant amounts).
Significant changes in the contract assets and the contract liabilities balances during the year are as follows:
Contract assets Contract liabilities
2023 2023
\u00a3\u2019000 \u00a3\u2019000
Revenue recognised that was included in the contract liability balance at the beginning of the year
2,380
Increases due to cash received, excluding amounts recognised as revenue during the year
(2,486)
Transfers from contract assets recognised at the beginning of the year to receivables
(400)
Increases as a result of changes in the measure of progress
1,575
Contract assets Contract liabilities
2022 2022
\u00a3\u2019000 \u00a3\u2019000
Restated Restated
Revenue recognised that was included in the contract liability balance at the beginning of the year
771
Increases due to cash received, excluding amounts recognised as revenue during the year
(4,217)
Transfers from contract assets recognised at the beginning of the year to receivables
(5,012)
Increases as a result of changes in the measure of progress
69
1
1
1. The adjustment in respect of 2022 is described in Note 1.
Significant changes in the contract assets and the contract liabilities balances during the year are as follows: continued
The revenue expected to be recognised in future years for evaluation and development, supply and licence agreements in respect
of performance obligations that are unsatisfied (or partially unsatisfied) at the year-end is:
2024 2025 2026
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Evaluation, development, supply and licence agreements
13,016
3,240
3,240
1
The comparatives as at 31 December 2022 are as follows:
2023 2024 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Evaluation, development, supply and licence agreements
15,060
1,458
\u2014
1
1. Excluding future royalties receivable from partners.
The above analysis excludes revenue which is contracted but contingent upon milestones or decision criteria which are at the
customers\u2019 discretion.
The Company applies the practical expedient in IFRS 15.121 and does not disclose information about remaining performance
obligations that have original expected durations of one year or less.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "value": "2. Revenue Revenue and direct costs Revenue comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the Group\u2019s activities. Revenue is shown net of value added tax, other sales taxes and after eliminating sales within the Group. Revenue primarily consists of amounts received or receivable under evaluation, development, supply and licence contracts. The nature of goods and services provided under these contracts consists of engineering services, access to or sale of technology hardware and licences to access and use intellectual property (\u201cIP\u201d). Engineering services are provided under evaluation and development agreements. The nature of the work typically comprises engineering staff time for design, development, modelling and test analysis. The performance obligation in relation to this work is deemed to be satisfied over time based on a percentage of completion basis. Technology hardware is provided to customers under evaluation, development and supply agreements. Where access to the hardware is provided under an evaluation agreement, the performance obligation is deemed to be satisfied on a straight-line basis over the period that the customer\u2019s preferred technology performance attributes are verified under the evaluation agreement. Where access to the hardware is provided under development and supply agreements, the performance obligation is satisfied at the point in time that the hardware is delivered and accepted. Access to IP is provided to customers under licence agreements. The nature of the licences (right to access or right to use) is determined based on the interpretation of key clauses and conditions within each customer contract. The performance obligation is the disclosure of IP under the licence and is based on the number and timing of disclosures associated with those licences. For a right to use licence the performance obligation is satisfied at a point in time when the IP is disclosed. For a right to access licence the performance obligation is satisfied over the time that access is granted to IP developed. Revenue is allocated to engineering services and access to or sale of technology hardware based on initial cost estimates to deliver the obligations under the contract and established margins for the different components (cost-plus margin). Management has established a range of margins to apply to contract components where the costs can be reliably estimated. Given the sometimes complex and long-term nature of customer contracts, these forecast cost estimations and margins are considered a significant area of judgement when valuing and allocating revenue to key components. Revenue is allocated to licences on a stand-alone selling price basis where observable. Where the licence forms part of a wider contract for the provision of engineering services and technology hardware, the Group uses a cost-plus margin approach for revenue allocated to engineering services and technology hardware components and a residual approach for allocating revenue to licences. Percentage of completion is measured based on the cumulative actual contract labour hours at each reporting period compared to the estimated total contract labour hours to deliver the service over the contract life. The assessment of the total project labour hours to deliver the contracted service are updated during the term of the contract by project managers and are subject to internal reviews, including comparison to previous forecasts and past experience. Material differences in the amount of revenue in any given period may result if the judgements or estimates prove to be incorrect or if management\u2019s estimates change on the basis of development of the business or market conditions. This is considered further in the significant judgements and estimates section of Note 1. The revenue recognition is subject to certainty of receipt of cash, or when any specific conditions in agreements have been met. Where there is a timing difference between the recognition of revenue and invoicing under a contract, a contract asset or liability is recognised. If a loss is expected in respect of a contract, the entire loss is recognised immediately in the Consolidated Statement of Profit and Loss. Variable consideration, such as for the achievement of performance targets or variation requests under negotiation with the customer at the reporting date, can be included in the transaction price together with the estimated costs to perform the associated obligations. These estimates of the expected value or most likely amount are recognised to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised in a future reporting period. Contract modifications are treated as a separate contract if the scope of the contract increases because of the addition of distinct goods or services, and the price of the contract increases by an amount of consideration that reflects the stand-alone selling price of the additional promised goods or services. Where a contract modification does not meet these criteria, it is accounted for as an adjustment to the existing contract, either prospectively, where the remaining goods or services are distinct from the goods and services transferred before the modification, or through a cumulative catch-up adjustment, where the remaining services are not distinct and are part of a single performance obligation that is only partially satisfied when the contract is modified. The Group\u2019s revenue is disaggregated by geographical market, major product/service lines, and timing of revenue recognition: Geographical market
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Europe
12,394
7,980
Asia
9,589
11,391
North America
341
394
Rest of World
\u2014
23
22,324
19,788
1 2 2 For the year ended 31 December 2023, the Group has identified two major customers (defined as customers that individually contributed more than 10% of the Group\u2019s total revenue) that accounted for approximately 51% (SOFC and SOEC) and 39% (all SOFC) of the Group\u2019s total revenue recognised in the year (year ended 31 December 2022: two customers that accounted for approximately 48% and 38% of the Group\u2019s total revenue for that year). Major product/service lines
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Engineering services
10,220
9,039
Provision of technology hardware
5,726
5,380
Licences
6,378
5,369
22,324
19,788
1 2 Timing of transfer of goods and services
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Products and services transferred at a point in time
6,544
4,760
Products and services transferred over time
15,780
15,028
22,324
19,788
1 Contract-related assets and liabilities
31 Dec 2022 31 Dec 2021
31 Dec 2023 \u00a3\u2019000 \u00a3\u2019000
Note \u00a3\u2019000 Restated Restated
Trade receivables
15
3,422
11,825
2,612
Contract assets \u2013 accrued income
1,575
400
5,343
Total contract-related assets
4,997
12,225
7,955
Contract liabilities \u2013 deferred income
(7,469)
(7,363)
(3,917)
1 1 1. The adjustments in respect of 2022 and 2021 are described in Note 1. 2. The adjustments as described in Note 1 have impacted 2022 licences revenue in both Europe and Asia. No material expected credit losses were recognised against trade receivables or contract assets in either the current or prior year. Further details regarding the composition of trade receivables can be found in Note 15. The contract assets \u2013 accrued income \u2013 relates to consideration for work completed but not billed at the reporting date. The contract assets are transferred to trade receivables when the rights become unconditional, which is generally when work is invoiced. The increase in the balance compared with 31 December 2022 is a result of significant revenue recognised in the period from two customers and timing differences with invoicing. The contract liabilities \u2013 deferred income \u2013 relates to invoices raised or consideration received in advance from customers. There are no significant financing components associated with deferred income. The increase in the balance compared with the prior year is primarily due to timing differences between revenue recognised on work performed and raising invoices to customers. Revenue recognised in the current year that was included in the contract liabilities \u2013 deferred income \u2013 balance at the beginning of the year was \u00a32,380,000 (31 December 2022: \u00a3771,000). There were no significant amounts of revenue recognised in the year ended 31 December 2023 arising from performance obligations satisfied in previous periods (31 December 2022: no significant amounts). Significant changes in the contract assets and the contract liabilities balances during the year are as follows:
Contract assets Contract liabilities
2023 2023
\u00a3\u2019000 \u00a3\u2019000
Revenue recognised that was included in the contract liability balance at the beginning of the year
2,380
Increases due to cash received, excluding amounts recognised as revenue during the year
(2,486)
Transfers from contract assets recognised at the beginning of the year to receivables
(400)
Increases as a result of changes in the measure of progress
1,575
Contract assets Contract liabilities
2022 2022
\u00a3\u2019000 \u00a3\u2019000
Restated Restated
Revenue recognised that was included in the contract liability balance at the beginning of the year
771
Increases due to cash received, excluding amounts recognised as revenue during the year
(4,217)
Transfers from contract assets recognised at the beginning of the year to receivables
(5,012)
Increases as a result of changes in the measure of progress
69
1 1 1. The adjustment in respect of 2022 is described in Note 1. Significant changes in the contract assets and the contract liabilities balances during the year are as follows: continued The revenue expected to be recognised in future years for evaluation and development, supply and licence agreements in respect of performance obligations that are unsatisfied (or partially unsatisfied) at the year-end is:
2024 2025 2026
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Evaluation, development, supply and licence agreements
13,016
3,240
3,240
1 The comparatives as at 31 December 2022 are as follows:
2023 2024 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Evaluation, development, supply and licence agreements
15,060
1,458
\u2014
1 1. Excluding future royalties receivable from partners. The above analysis excludes revenue which is contracted but contingent upon milestones or decision criteria which are at the customers\u2019 discretion. The Company applies the practical expedient in IFRS 15.121 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "Revenue and direct costs Revenue comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the Group\u2019s activities. Revenue is shown net of value added tax, other sales taxes and after eliminating sales within the Group. Revenue primarily consists of amounts received or receivable under evaluation, development, supply and licence contracts. The nature of goods and services provided under these contracts consists of engineering services, access to or sale of technology hardware and licences to access and use intellectual property (\u201cIP\u201d). Engineering services are provided under evaluation and development agreements. The nature of the work typically comprises engineering staff time for design, development, modelling and test analysis. The performance obligation in relation to this work is deemed to be satisfied over time based on a percentage of completion basis. Technology hardware is provided to customers under evaluation, development and supply agreements. Where access to the hardware is provided under an evaluation agreement, the performance obligation is deemed to be satisfied on a straight-line basis over the period that the customer\u2019s preferred technology performance attributes are verified under the evaluation agreement. Where access to the hardware is provided under development and supply agreements, the performance obligation is satisfied at the point in time that the hardware is delivered and accepted. Access to IP is provided to customers under licence agreements. The nature of the licences (right to access or right to use) is determined based on the interpretation of key clauses and conditions within each customer contract. The performance obligation is the disclosure of IP under the licence and is based on the number and timing of disclosures associated with those licences. For a right to use licence the performance obligation is satisfied at a point in time when the IP is disclosed. For a right to access licence the performance obligation is satisfied over the time that access is granted to IP developed. Revenue is allocated to engineering services and access to or sale of technology hardware based on initial cost estimates to deliver the obligations under the contract and established margins for the different components (cost-plus margin). Management has established a range of margins to apply to contract components where the costs can be reliably estimated. Given the sometimes complex and long-term nature of customer contracts, these forecast cost estimations and margins are considered a significant area of judgement when valuing and allocating revenue to key components. Revenue is allocated to licences on a stand-alone selling price basis where observable. Where the licence forms part of a wider contract for the provision of engineering services and technology hardware, the Group uses a cost-plus margin approach for revenue allocated to engineering services and technology hardware components and a residual approach for allocating revenue to licences. Percentage of completion is measured based on the cumulative actual contract labour hours at each reporting period compared to the estimated total contract labour hours to deliver the service over the contract life. The assessment of the total project labour hours to deliver the contracted service are updated during the term of the contract by project managers and are subject to internal reviews, including comparison to previous forecasts and past experience. Material differences in the amount of revenue in any given period may result if the judgements or estimates prove to be incorrect or if management\u2019s estimates change on the basis of development of the business or market conditions. This is considered further in the significant judgements and estimates section of Note 1. The revenue recognition is subject to certainty of receipt of cash, or when any specific conditions in agreements have been met. Where there is a timing difference between the recognition of revenue and invoicing under a contract, a contract asset or liability is recognised. If a loss is expected in respect of a contract, the entire loss is recognised immediately in the Consolidated Statement of Profit and Loss. Variable consideration, such as for the achievement of performance targets or variation requests under negotiation with the customer at the reporting date, can be included in the transaction price together with the estimated costs to perform the associated obligations. These estimates of the expected value or most likely amount are recognised to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised in a future reporting period. Contract modifications are treated as a separate contract if the scope of the contract increases because of the addition of distinct goods or services, and the price of the contract increases by an amount of consideration that reflects the stand-alone selling price of the additional promised goods or services. Where a contract modification does not meet these criteria, it is accounted for as an adjustment to the existing contract, either prospectively, where the remaining goods or services are distinct from the goods and services transferred before the modification, or through a cumulative catch-up adjustment, where the remaining services are not distinct and are part of a single performance obligation that is only partially satisfied when the contract is modified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "Geographical market
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Europe
12,394
7,980
Asia
9,589
11,391
North America
341
394
Rest of World
\u2014
23
22,324
19,788
1 2 2 For the year ended 31 December 2023, the Group has identified two major customers (defined as customers that individually contributed more than 10% of the Group\u2019s total revenue) that accounted for approximately 51% (SOFC and SOEC) and 39% (all SOFC) of the Group\u2019s total revenue recognised in the year (year ended 31 December 2022: two customers that accounted for approximately 48% and 38% of the Group\u2019s total revenue for that year). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-315": { "value": "
3. Segmental analysis
In accordance with IFRS 8, the Group has identified two reporting segments, being Power \u2013 SOFC and Hydrogen \u2013 SOEC, based
on internal management reporting information that is regularly reviewed by the chief operating decision maker, which the Group
considers to be the Executive team. The Group reports revenue and gross profit by segment to the Executive team. All of the
Group\u2019s non-current assets are in the UK.
31 December 2022
31 December 2023 Restated
Power \u2013 Hydrogen \u2013 Power \u2013 Hydrogen \u2013
SOFC SOEC Tota l SOFC SOEC Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Revenue (external)
21,567
757
22,324
19,608
180
19,788
Cost of sales
(8,346)
(424)
(8,770)
(9,070)
(9)
(9,079)
Gross profit
13,221
333
13,554
10,538
171
10,709
1
1. The adjustment in respect of 2022 is described in Note 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "In accordance with IFRS 8, the Group has identified two reporting segments, being Power \u2013 SOFC and Hydrogen \u2013 SOEC, based on internal management reporting information that is regularly reviewed by the chief operating decision maker, which the Group considers to be the Executive team. The Group reports revenue and gross profit by segment to the Executive team. All of the Group\u2019s non-current assets are in the UK. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "4. Loss before taxation Research and development The Group undertakes research and development activities either on its own behalf or in conjunction with customers. Group and customer-funded expenditure on research, and on development activities not meeting the conditions for capitalisation (see Note 12), are written off as incurred and charged to the Consolidated Statement of Profit and Loss. Government grants Grants are recognised on a case-by-case basis. Revenue grants are recognised in the Consolidated Statement of Profit and Loss as other operating income as the related costs are incurred and expensed. The reimbursement of the cost of an item of plant and equipment or intangible by way of a capital grant is presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. For grants with no technical milestones, and where recovery is reasonable, the grant is recognised on an accruals basis in order to match the associated expenditure with the grant income. For grants with technical milestones, these grants are held on the Consolidated Statement of Financial Position as deferred income and are recognised only when the relevant milestone has been achieved.
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Operating costs are split as follows:
Research and development costs
54,034
48,546
Administrative expenses
17,681
15,116
Commercial expenses
4,905
2,392
76,620
66,054
Loss before taxation is stated after (crediting)/charging:
Other operating income \u2013 grant income
(270)
(251)
Other operating income \u2013 RDEC tax credit
(3,395)
(1,081)
Other operating income \u2013 total
(3,665)
(1,332)
Staff costs, including share-based payments (Note 6)
41,906
34,801
Cost of inventories recognised as expense (Note 14)
4,568
5,023
Depreciation of property, plant and equipment (Note 10)
7,461
5,592
Depreciation of right-of-use assets (Note 11)
641
620
Amortisation of intangible assets (Note 12)
1,024
1,032
Repairs expenditure on property, plant and equipment
1,030
1,039
Net change in fair value of financial instruments at fair value through profit or loss
143
1,020
Net foreign exchange gain recognised in operating costs
(232)
(761)
Net foreign exchange loss/(gain) recognised in finance expense/(income)
805
(173)
1 2 2 1. The adjustment in respect of 2022 is described in Note 1. 2. The restatement to depreciation in 2022 is as a result of changes in dilapidation as described in Note 10. Services provided by the Group\u2019s auditor During the year the Group obtained the following services from the Group\u2019s auditor as detailed below:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the Company\u2019s auditor for the audit of parent Company and consolidated financial statements
68
54
Fees payable to the Company\u2019s auditor for other services:
\u2013 the audit of the Company\u2019s subsidiaries
177
141
\u2013 audit-related assurance services \u2013 review of interim financial results, including audit assurance
30
150
\u2013 audit-related assurance services \u2013 grants and awards
\u2014
7
\u2013 reporting services in relation to the Group\u2019s move to the Main Market
85
217
360
569
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "4. Loss before taxation Research and development The Group undertakes research and development activities either on its own behalf or in conjunction with customers. Group and customer-funded expenditure on research, and on development activities not meeting the conditions for capitalisation (see Note 12), are written off as incurred and charged to the Consolidated Statement of Profit and Loss. Government grants Grants are recognised on a case-by-case basis. Revenue grants are recognised in the Consolidated Statement of Profit and Loss as other operating income as the related costs are incurred and expensed. The reimbursement of the cost of an item of plant and equipment or intangible by way of a capital grant is presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. For grants with no technical milestones, and where recovery is reasonable, the grant is recognised on an accruals basis in order to match the associated expenditure with the grant income. For grants with technical milestones, these grants are held on the Consolidated Statement of Financial Position as deferred income and are recognised only when the relevant milestone has been achieved.
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Operating costs are split as follows:
Research and development costs
54,034
48,546
Administrative expenses
17,681
15,116
Commercial expenses
4,905
2,392
76,620
66,054
Loss before taxation is stated after (crediting)/charging:
Other operating income \u2013 grant income
(270)
(251)
Other operating income \u2013 RDEC tax credit
(3,395)
(1,081)
Other operating income \u2013 total
(3,665)
(1,332)
Staff costs, including share-based payments (Note 6)
41,906
34,801
Cost of inventories recognised as expense (Note 14)
4,568
5,023
Depreciation of property, plant and equipment (Note 10)
7,461
5,592
Depreciation of right-of-use assets (Note 11)
641
620
Amortisation of intangible assets (Note 12)
1,024
1,032
Repairs expenditure on property, plant and equipment
1,030
1,039
Net change in fair value of financial instruments at fair value through profit or loss
143
1,020
Net foreign exchange gain recognised in operating costs
(232)
(761)
Net foreign exchange loss/(gain) recognised in finance expense/(income)
805
(173)
1 2 2 1. The adjustment in respect of 2022 is described in Note 1. 2. The restatement to depreciation in 2022 is as a result of changes in dilapidation as described in Note 10. Services provided by the Group\u2019s auditor During the year the Group obtained the following services from the Group\u2019s auditor as detailed below:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the Company\u2019s auditor for the audit of parent Company and consolidated financial statements
68
54
Fees payable to the Company\u2019s auditor for other services:
\u2013 the audit of the Company\u2019s subsidiaries
177
141
\u2013 audit-related assurance services \u2013 review of interim financial results, including audit assurance
30
150
\u2013 audit-related assurance services \u2013 grants and awards
\u2014
7
\u2013 reporting services in relation to the Group\u2019s move to the Main Market
85
217
360
569
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "value": "4. Loss before taxation Research and development The Group undertakes research and development activities either on its own behalf or in conjunction with customers. Group and customer-funded expenditure on research, and on development activities not meeting the conditions for capitalisation (see Note 12), are written off as incurred and charged to the Consolidated Statement of Profit and Loss. Government grants Grants are recognised on a case-by-case basis. Revenue grants are recognised in the Consolidated Statement of Profit and Loss as other operating income as the related costs are incurred and expensed. The reimbursement of the cost of an item of plant and equipment or intangible by way of a capital grant is presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. For grants with no technical milestones, and where recovery is reasonable, the grant is recognised on an accruals basis in order to match the associated expenditure with the grant income. For grants with technical milestones, these grants are held on the Consolidated Statement of Financial Position as deferred income and are recognised only when the relevant milestone has been achieved.
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Operating costs are split as follows:
Research and development costs
54,034
48,546
Administrative expenses
17,681
15,116
Commercial expenses
4,905
2,392
76,620
66,054
Loss before taxation is stated after (crediting)/charging:
Other operating income \u2013 grant income
(270)
(251)
Other operating income \u2013 RDEC tax credit
(3,395)
(1,081)
Other operating income \u2013 total
(3,665)
(1,332)
Staff costs, including share-based payments (Note 6)
41,906
34,801
Cost of inventories recognised as expense (Note 14)
4,568
5,023
Depreciation of property, plant and equipment (Note 10)
7,461
5,592
Depreciation of right-of-use assets (Note 11)
641
620
Amortisation of intangible assets (Note 12)
1,024
1,032
Repairs expenditure on property, plant and equipment
1,030
1,039
Net change in fair value of financial instruments at fair value through profit or loss
143
1,020
Net foreign exchange gain recognised in operating costs
(232)
(761)
Net foreign exchange loss/(gain) recognised in finance expense/(income)
805
(173)
1 2 2 1. The adjustment in respect of 2022 is described in Note 1. 2. The restatement to depreciation in 2022 is as a result of changes in dilapidation as described in Note 10. Services provided by the Group\u2019s auditor During the year the Group obtained the following services from the Group\u2019s auditor as detailed below:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the Company\u2019s auditor for the audit of parent Company and consolidated financial statements
68
54
Fees payable to the Company\u2019s auditor for other services:
\u2013 the audit of the Company\u2019s subsidiaries
177
141
\u2013 audit-related assurance services \u2013 review of interim financial results, including audit assurance
30
150
\u2013 audit-related assurance services \u2013 grants and awards
\u2014
7
\u2013 reporting services in relation to the Group\u2019s move to the Main Market
85
217
360
569
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "value": "4. Loss before taxation Research and development The Group undertakes research and development activities either on its own behalf or in conjunction with customers. Group and customer-funded expenditure on research, and on development activities not meeting the conditions for capitalisation (see Note 12), are written off as incurred and charged to the Consolidated Statement of Profit and Loss. Government grants Grants are recognised on a case-by-case basis. Revenue grants are recognised in the Consolidated Statement of Profit and Loss as other operating income as the related costs are incurred and expensed. The reimbursement of the cost of an item of plant and equipment or intangible by way of a capital grant is presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. For grants with no technical milestones, and where recovery is reasonable, the grant is recognised on an accruals basis in order to match the associated expenditure with the grant income. For grants with technical milestones, these grants are held on the Consolidated Statement of Financial Position as deferred income and are recognised only when the relevant milestone has been achieved.
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Operating costs are split as follows:
Research and development costs
54,034
48,546
Administrative expenses
17,681
15,116
Commercial expenses
4,905
2,392
76,620
66,054
Loss before taxation is stated after (crediting)/charging:
Other operating income \u2013 grant income
(270)
(251)
Other operating income \u2013 RDEC tax credit
(3,395)
(1,081)
Other operating income \u2013 total
(3,665)
(1,332)
Staff costs, including share-based payments (Note 6)
41,906
34,801
Cost of inventories recognised as expense (Note 14)
4,568
5,023
Depreciation of property, plant and equipment (Note 10)
7,461
5,592
Depreciation of right-of-use assets (Note 11)
641
620
Amortisation of intangible assets (Note 12)
1,024
1,032
Repairs expenditure on property, plant and equipment
1,030
1,039
Net change in fair value of financial instruments at fair value through profit or loss
143
1,020
Net foreign exchange gain recognised in operating costs
(232)
(761)
Net foreign exchange loss/(gain) recognised in finance expense/(income)
805
(173)
1 2 2 1. The adjustment in respect of 2022 is described in Note 1. 2. The restatement to depreciation in 2022 is as a result of changes in dilapidation as described in Note 10. Services provided by the Group\u2019s auditor During the year the Group obtained the following services from the Group\u2019s auditor as detailed below:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the Company\u2019s auditor for the audit of parent Company and consolidated financial statements
68
54
Fees payable to the Company\u2019s auditor for other services:
\u2013 the audit of the Company\u2019s subsidiaries
177
141
\u2013 audit-related assurance services \u2013 review of interim financial results, including audit assurance
30
150
\u2013 audit-related assurance services \u2013 grants and awards
\u2014
7
\u2013 reporting services in relation to the Group\u2019s move to the Main Market
85
217
360
569
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-316": { "value": "4. Loss before taxation Research and development The Group undertakes research and development activities either on its own behalf or in conjunction with customers. Group and customer-funded expenditure on research, and on development activities not meeting the conditions for capitalisation (see Note 12), are written off as incurred and charged to the Consolidated Statement of Profit and Loss. Government grants Grants are recognised on a case-by-case basis. Revenue grants are recognised in the Consolidated Statement of Profit and Loss as other operating income as the related costs are incurred and expensed. The reimbursement of the cost of an item of plant and equipment or intangible by way of a capital grant is presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. For grants with no technical milestones, and where recovery is reasonable, the grant is recognised on an accruals basis in order to match the associated expenditure with the grant income. For grants with technical milestones, these grants are held on the Consolidated Statement of Financial Position as deferred income and are recognised only when the relevant milestone has been achieved.
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Operating costs are split as follows:
Research and development costs
54,034
48,546
Administrative expenses
17,681
15,116
Commercial expenses
4,905
2,392
76,620
66,054
Loss before taxation is stated after (crediting)/charging:
Other operating income \u2013 grant income
(270)
(251)
Other operating income \u2013 RDEC tax credit
(3,395)
(1,081)
Other operating income \u2013 total
(3,665)
(1,332)
Staff costs, including share-based payments (Note 6)
41,906
34,801
Cost of inventories recognised as expense (Note 14)
4,568
5,023
Depreciation of property, plant and equipment (Note 10)
7,461
5,592
Depreciation of right-of-use assets (Note 11)
641
620
Amortisation of intangible assets (Note 12)
1,024
1,032
Repairs expenditure on property, plant and equipment
1,030
1,039
Net change in fair value of financial instruments at fair value through profit or loss
143
1,020
Net foreign exchange gain recognised in operating costs
(232)
(761)
Net foreign exchange loss/(gain) recognised in finance expense/(income)
805
(173)
1 2 2 1. The adjustment in respect of 2022 is described in Note 1. 2. The restatement to depreciation in 2022 is as a result of changes in dilapidation as described in Note 10. Services provided by the Group\u2019s auditor During the year the Group obtained the following services from the Group\u2019s auditor as detailed below:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the Company\u2019s auditor for the audit of parent Company and consolidated financial statements
68
54
Fees payable to the Company\u2019s auditor for other services:
\u2013 the audit of the Company\u2019s subsidiaries
177
141
\u2013 audit-related assurance services \u2013 review of interim financial results, including audit assurance
30
150
\u2013 audit-related assurance services \u2013 grants and awards
\u2014
7
\u2013 reporting services in relation to the Group\u2019s move to the Main Market
85
217
360
569
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "value": "Research and development The Group undertakes research and development activities either on its own behalf or in conjunction with customers. Group and customer-funded expenditure on research, and on development activities not meeting the conditions for capitalisation (see Note 12), are written off as incurred and charged to the Consolidated Statement of Profit and Loss. Research and development Expenditure incurred on research and development is distinguished as relating to a research phase or development phase with reference to the Group\u2019s technology and product development process. All research phase expenditure is recognised in the Consolidated Statement of Profit and Loss as an expense when incurred (see Note 4). Development phase expenditure is capitalised from the point that all of the following conditions are met: \u2022 the product or process under development is technically and commercially feasible; \u2022 the Group intends to and has the technical ability and sufficient resources to complete the development; \u2022 future economic benefits are probable; and \u2022 the Group can measure reliably the expenditure attributable to the asset during its development. Development phase activities involve a plan or design for the production of new or substantially improved products or processes in relation to the Group\u2019s core fuel cell and system technology and intellectual property. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalisation of development phase activities continues until the point at which the product or process under development meets its originally mandated technical specification. For product and process development, this is at the point where the production design version is approved or the development is completed. Subsequent expenditure is capitalised where it enhances the functionality of the asset and demonstrably generates an enhanced economic benefit to the Group. All other subsequent expenditure on the product or process is expensed as incurred. Where development activities are funded through government grants and the cost of those activities is capitalised under this policy, the grants received are considered capital grants and are presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. Patent costs incurred in the procurement of patents in relevant territories are capitalised where the Group considers those patents relate to technology that is deemed to be commercially feasible. Other patent costs and costs to maintain patents once granted in those territories are expensed to in the Consolidated Statement of Profit and Loss as incurred. Subsequent to recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives and is presented within operating costs. The estimated useful lives are reviewed and adjusted as appropriate, at each balance sheet date. Intangible assets which are not yet available for use are tested for impairment at each balance sheet date. The following useful lives are used in the calculation of amortisation:
Capitalised development
Two to seven years
Patent costs
Three to ten years
Perpetual software licences
Three years
The carrying values of intangible assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of an intangible asset exceeds its recoverable amount.
Internal
developments Customer and
in relation to internal Perpetual
manufacturing development software
site programmes licences Patent costs Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2022
411
8,407
252
633
9,703
Additions
\u2014
5,340
273
219
5,832
At 31 December 2022
411
13,747
525
852
15,535
Additions
\u2014
6,443
\u2014
357
6,800
At 31 December 2023
411
20,190
525
1,209
22,335
Accumulated amortisation
At 1 January 2022
164
1,038
23
\u2014
1,225
Charge for the year
82
748
125
77
1,032
At 31 December 2022
246
1,786
148
77
2,257
Charge for the year
82
728
137
77
1,024
At 31 December 2023
328
2,514
285
154
3,281
Net book value
At 31 December 2023
83
17,676
240
1,055
19,054
At 31 December 2022
165
11,961
377
775
13,278
At 31 December 2021
247
7,369
229
633
8,478
The customer and internal development intangible relates to the design, development and configuration of the Company\u2019s core solid oxide fuel cell and system technology. Amortisation of capitalised development commences once the developed technology is complete and is available for use.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "value": "Research and development The Group undertakes research and development activities either on its own behalf or in conjunction with customers. Group and customer-funded expenditure on research, and on development activities not meeting the conditions for capitalisation (see Note 12), are written off as incurred and charged to the Consolidated Statement of Profit and Loss. Research and development Expenditure incurred on research and development is distinguished as relating to a research phase or development phase with reference to the Group\u2019s technology and product development process. All research phase expenditure is recognised in the Consolidated Statement of Profit and Loss as an expense when incurred (see Note 4). Development phase expenditure is capitalised from the point that all of the following conditions are met: \u2022 the product or process under development is technically and commercially feasible; \u2022 the Group intends to and has the technical ability and sufficient resources to complete the development; \u2022 future economic benefits are probable; and \u2022 the Group can measure reliably the expenditure attributable to the asset during its development. Development phase activities involve a plan or design for the production of new or substantially improved products or processes in relation to the Group\u2019s core fuel cell and system technology and intellectual property. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalisation of development phase activities continues until the point at which the product or process under development meets its originally mandated technical specification. For product and process development, this is at the point where the production design version is approved or the development is completed. Subsequent expenditure is capitalised where it enhances the functionality of the asset and demonstrably generates an enhanced economic benefit to the Group. All other subsequent expenditure on the product or process is expensed as incurred. Where development activities are funded through government grants and the cost of those activities is capitalised under this policy, the grants received are considered capital grants and are presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. Patent costs incurred in the procurement of patents in relevant territories are capitalised where the Group considers those patents relate to technology that is deemed to be commercially feasible. Other patent costs and costs to maintain patents once granted in those territories are expensed to in the Consolidated Statement of Profit and Loss as incurred. Subsequent to recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives and is presented within operating costs. The estimated useful lives are reviewed and adjusted as appropriate, at each balance sheet date. Intangible assets which are not yet available for use are tested for impairment at each balance sheet date. The following useful lives are used in the calculation of amortisation:
Capitalised development
Two to seven years
Patent costs
Three to ten years
Perpetual software licences
Three years
The carrying values of intangible assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of an intangible asset exceeds its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "value": "Government grants Grants are recognised on a case-by-case basis. Revenue grants are recognised in the Consolidated Statement of Profit and Loss as other operating income as the related costs are incurred and expensed. The reimbursement of the cost of an item of plant and equipment or intangible by way of a capital grant is presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. For grants with no technical milestones, and where recovery is reasonable, the grant is recognised on an accruals basis in order to match the associated expenditure with the grant income. For grants with technical milestones, these grants are held on the Consolidated Statement of Financial Position as deferred income and are recognised only when the relevant milestone has been achieved. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "value": "Government grants Grants are recognised on a case-by-case basis. Revenue grants are recognised in the Consolidated Statement of Profit and Loss as other operating income as the related costs are incurred and expensed. The reimbursement of the cost of an item of plant and equipment or intangible by way of a capital grant is presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. For grants with no technical milestones, and where recovery is reasonable, the grant is recognised on an accruals basis in order to match the associated expenditure with the grant income. For grants with technical milestones, these grants are held on the Consolidated Statement of Financial Position as deferred income and are recognised only when the relevant milestone has been achieved. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "value": "
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Operating costs are split as follows:
Research and development costs
54,034
48,546
Administrative expenses
17,681
15,116
Commercial expenses
4,905
2,392
76,620
66,054
Loss before taxation is stated after (crediting)/charging:
Other operating income \u2013 grant income
(270)
(251)
Other operating income \u2013 RDEC tax credit
(3,395)
(1,081)
Other operating income \u2013 total
(3,665)
(1,332)
Staff costs, including share-based payments (Note 6)
41,906
34,801
Cost of inventories recognised as expense (Note 14)
4,568
5,023
Depreciation of property, plant and equipment (Note 10)
7,461
5,592
Depreciation of right-of-use assets (Note 11)
641
620
Amortisation of intangible assets (Note 12)
1,024
1,032
Repairs expenditure on property, plant and equipment
1,030
1,039
Net change in fair value of financial instruments at fair value through profit or loss
143
1,020
Net foreign exchange gain recognised in operating costs
(232)
(761)
Net foreign exchange loss/(gain) recognised in finance expense/(income)
805
(173)
1
2
2
1. The adjustment in respect of 2022 is described in Note 1.
2. The restatement to depreciation in 2022 is as a result of changes in dilapidation as described in Note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "value": "
Services provided by the Group\u2019s auditor
During the year the Group obtained the following services from the Group\u2019s auditor as detailed below:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the Company\u2019s auditor for the audit of parent Company and consolidated financial statements
68
54
Fees payable to the Company\u2019s auditor for other services:
\u2013 the audit of the Company\u2019s subsidiaries
177
141
\u2013 audit-related assurance services \u2013 review of interim financial results, including audit assurance
30
150
\u2013 audit-related assurance services \u2013 grants and awards
\u2014
7
\u2013 reporting services in relation to the Group\u2019s move to the Main Market
85
217
360
569
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-317": { "value": "
5. Finance income and expense
Interest income and expense
Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned
or accrued.
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Interest received
7,079
2,657
Foreign exchange gain on cash, cash equivalents and short-term deposits
\u2014
173
Total interest income
7,079
2,830
Interest paid
(99)
\u2014
Interest on lease liabilities
(248)
(212)
Unwinding of discount on provisions
(89)
(87)
Other finance costs
(46)
(5)
Foreign exchange loss on cash, cash equivalents and short-term deposits
(805)
\u2014
Total interest expense
(1,287)
(304)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "value": "5. Finance income and expense Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued.
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Interest received
7,079
2,657
Foreign exchange gain on cash, cash equivalents and short-term deposits
\u2014
173
Total interest income
7,079
2,830
Interest paid
(99)
\u2014
Interest on lease liabilities
(248)
(212)
Unwinding of discount on provisions
(89)
(87)
Other finance costs
(46)
(5)
Foreign exchange loss on cash, cash equivalents and short-term deposits
(805)
\u2014
Total interest expense
(1,287)
(304)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "5. Finance income and expense Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued.
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Interest received
7,079
2,657
Foreign exchange gain on cash, cash equivalents and short-term deposits
\u2014
173
Total interest income
7,079
2,830
Interest paid
(99)
\u2014
Interest on lease liabilities
(248)
(212)
Unwinding of discount on provisions
(89)
(87)
Other finance costs
(46)
(5)
Foreign exchange loss on cash, cash equivalents and short-term deposits
(805)
\u2014
Total interest expense
(1,287)
(304)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "value": "5. Finance income and expense Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued.
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Interest received
7,079
2,657
Foreign exchange gain on cash, cash equivalents and short-term deposits
\u2014
173
Total interest income
7,079
2,830
Interest paid
(99)
\u2014
Interest on lease liabilities
(248)
(212)
Unwinding of discount on provisions
(89)
(87)
Other finance costs
(46)
(5)
Foreign exchange loss on cash, cash equivalents and short-term deposits
(805)
\u2014
Total interest expense
(1,287)
(304)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "5. Finance income and expense Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued.
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Interest received
7,079
2,657
Foreign exchange gain on cash, cash equivalents and short-term deposits
\u2014
173
Total interest income
7,079
2,830
Interest paid
(99)
\u2014
Interest on lease liabilities
(248)
(212)
Unwinding of discount on provisions
(89)
(87)
Other finance costs
(46)
(5)
Foreign exchange loss on cash, cash equivalents and short-term deposits
(805)
\u2014
Total interest expense
(1,287)
(304)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-346": { "value": "5. Finance income and expense Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued.
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Interest received
7,079
2,657
Foreign exchange gain on cash, cash equivalents and short-term deposits
\u2014
173
Total interest income
7,079
2,830
Interest paid
(99)
\u2014
Interest on lease liabilities
(248)
(212)
Unwinding of discount on provisions
(89)
(87)
Other finance costs
(46)
(5)
Foreign exchange loss on cash, cash equivalents and short-term deposits
(805)
\u2014
Total interest expense
(1,287)
(304)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "value": "Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "value": "Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "
6. Employees and Directors
The average number of persons (including Executive Directors) employed by the Group during the year was:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
By activity:
Research and development
369
249
Prototype production
128
177
Administration
77
96
Commercial
16
14
590
536
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Staff costs (for the above persons) comprised:
Wages and salaries, including compensation for loss of office
35,500
28,584
Social security costs
3,928
3,290
Other pension costs (Note 7)
2,411
1,930
Share-based payments (Note 25)
67
997
41,906
34,801
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Directors\u2019 emoluments:
Aggregate emoluments
1,027
947
Company contributions to defined contribution pension schemes
51
51
Gain on exercise of share options and other share schemes
707
38
1,785
1,036
1
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Highest-paid Director:
Aggregate emoluments
565
534
Company contributions to defined contribution pension schemes
28
28
Gain on exercise of share options and other share schemes
707
38
1,300
600
1. The Directors had LTIPs with an aggregate value of \u00a31,197,835 exercisable as at 31 December 2023 (31 December 2022: \u00a32,999,435).
Two Directors (2022: two Directors) have retirement benefits accruing under defined contribution pension schemes.
Additional information on the emoluments of the Directors, together with information regarding the share interests and
share options of the Directors, is included in the Remuneration Report on pages 63 to 83, which forms part of these audited
financial statements.
Key management compensation
The Directors consider that the key management of the Group comprises the Executive Board and Non-Executive Directors.
The key management compensation is summarised in the following table:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Salaries and other short-term employment benefits
3,880
3,386
Post-employment benefits
206
148
Share-based payments
(111)
342
3,975
3,876
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "value": "Key management compensation The Directors consider that the key management of the Group comprises the Executive Board and Non-Executive Directors. The key management compensation is summarised in the following table:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Salaries and other short-term employment benefits
3,880
3,386
Post-employment benefits
206
148
Share-based payments
(111)
342
3,975
3,876
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-319": { "value": "
7. Pensions
Pension scheme arrangements
The Group operates a defined contribution pension plan for employees. The assets of the scheme are held separately from those
of the Group in independently administered funds. The plan is a post-employment benefit plan under which the Group pays fixed
contributions during the employee\u2019s service and will have no legal or constructive obligation to pay amounts after the employee\u2019s
service ends. Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated
Statement of Profit and Loss in the period during which services are rendered by employees.
The pension charge represents contributions payable by the Group to the funds and amounted to \u00a32,411,000 (31 December 2022:
\u00a31,930,000). \u00a3316,000 was payable to the funds as at 31 December 2023 (31 December 2022: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "value": "7. Pensions Pension scheme arrangements The Group operates a defined contribution pension plan for employees. The assets of the scheme are held separately from those of the Group in independently administered funds. The plan is a post-employment benefit plan under which the Group pays fixed contributions during the employee\u2019s service and will have no legal or constructive obligation to pay amounts after the employee\u2019s service ends. Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Statement of Profit and Loss in the period during which services are rendered by employees. The pension charge represents contributions payable by the Group to the funds and amounted to \u00a32,411,000 (31 December 2022: \u00a31,930,000). \u00a3316,000 was payable to the funds as at 31 December 2023 (31 December 2022: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "value": "Pension scheme arrangements The Group operates a defined contribution pension plan for employees. The assets of the scheme are held separately from those of the Group in independently administered funds. The plan is a post-employment benefit plan under which the Group pays fixed contributions during the employee\u2019s service and will have no legal or constructive obligation to pay amounts after the employee\u2019s service ends. Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Statement of Profit and Loss in the period during which services are rendered by employees. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-320": { "value": "
8. Taxation and deferred taxation
Taxation
The taxation charge for the year comprises current and deferred tax and any adjustment to tax payable or receivable in respect
of previous years. Tax is recognised in the Consolidated Statement of Profit and Loss except to the extent that it relates to items
recognised directly in equity, in which case it is recognised in equity. The RDEC receivable represents the Directors\u2019 best estimate
of tax due to the Group at the year-end under the RDEC credit regime.
Deferred taxation
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial
recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and
differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount
of assets and liabilities, using tax rates enacted or substantively enacted at the year-end.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which
the temporary difference can be utilised.
2023 2022
\u00a3\u2019000 \u00a3\u2019000
UK corporation tax
\u2014
(4,470)
Foreign tax suffered
334
828
Adjustment in respect of prior periods
65
(230)
Taxation credit
399
(3,872)
The current tax rate is 23.52% (2022: 19.00%). From 1 April 2023 the main corporation tax rate increased from 19% to 25%
on profits over \u00a3250,000.
A tax charge has arisen as a result of expenditure surrendered and claimed under the SME R&D regime in the prior year and
foreign tax and withholding tax arising on licence income received from customers based in China and South Korea.
The tax result for the year is different from the standard rate of UK corporation tax of 23.52% (2022: 19.00%). The differences
are explained below:
2022
2023 \u00a3\u2019000
\u00a3\u2019000
Restated
1
Loss before taxation
(53,609)
(51,487)
Loss before taxation multiplied by the UK tax rate of 23.52% (2022: 19.00%)
(12,609)
(9,783)
Effects of:
Losses carried forward
12,307
9,417
Enhanced tax deductions for R&D expenditure
\u2014
(3,310)
Expenses not deductible
240
160
Fixed asset differences
62
(215)
Employee share scheme
1,452
\u2014
Effect of overseas tax rates
252
742
Adjustment in respect of prior periods \u2013 R&D tax credit
65
(230)
Difference between R&D tax credit and small company tax rate
\u2014
1,387
Tax on RDEC credit
434
159
Deferred tax rate change
(649)
\u2014
Other short term timing difference
773
(1,141)
Share option timing differences
(1,928)
(1,058)
Total taxation credit
399
(3,872)
1
1. The adjustment in respect of 2022 is described in Note 1.
Potential deferred tax assets have not been recognised. The gross temporary differences are set out below:
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Temporary differences:
Difference between capital allowances and depreciation
(2,967)
60
Deductions relating to share options
(7,158)
(15,356)
Other timing differences
(563)
(319)
Losses carried forward
(224,544)
(173,434)
(235,232)
(189,049)
1
1. The adjustment in respect of 2022 is described in Note 1.
The deferred tax assets have not been recognised as the Directors consider that it is unlikely that the asset will be realised in
the foreseeable future. The element of the RDEC credit that can only be set off against future UK corporation tax liability is
\u00a32,482,000 (2022: \u00a31,225,000) and has not been recognised as the Directors consider that it is unlikely that this asset will be
realised in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "value": "Taxation The taxation charge for the year comprises current and deferred tax and any adjustment to tax payable or receivable in respect of previous years. Tax is recognised in the Consolidated Statement of Profit and Loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. The RDEC receivable represents the Directors\u2019 best estimate of tax due to the Group at the year-end under the RDEC credit regime. Deferred taxation Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year-end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "value": "Deferred taxation Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year-end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "value": "Deferred taxation Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year-end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.
2023 2022
\u00a3\u2019000 \u00a3\u2019000
UK corporation tax
\u2014
(4,470)
Foreign tax suffered
334
828
Adjustment in respect of prior periods
65
(230)
Taxation credit
399
(3,872)
The current tax rate is 23.52% (2022: 19.00%). From 1 April 2023 the main corporation tax rate increased from 19% to 25% on profits over \u00a3250,000. A tax charge has arisen as a result of expenditure surrendered and claimed under the SME R&D regime in the prior year and foreign tax and withholding tax arising on licence income received from customers based in China and South Korea. The tax result for the year is different from the standard rate of UK corporation tax of 23.52% (2022: 19.00%). The differences are explained below:
2022
2023 \u00a3\u2019000
\u00a3\u2019000
Restated
1
Loss before taxation
(53,609)
(51,487)
Loss before taxation multiplied by the UK tax rate of 23.52% (2022: 19.00%)
(12,609)
(9,783)
Effects of:
Losses carried forward
12,307
9,417
Enhanced tax deductions for R&D expenditure
\u2014
(3,310)
Expenses not deductible
240
160
Fixed asset differences
62
(215)
Employee share scheme
1,452
\u2014
Effect of overseas tax rates
252
742
Adjustment in respect of prior periods \u2013 R&D tax credit
65
(230)
Difference between R&D tax credit and small company tax rate
\u2014
1,387
Tax on RDEC credit
434
159
Deferred tax rate change
(649)
\u2014
Other short term timing difference
773
(1,141)
Share option timing differences
(1,928)
(1,058)
Total taxation credit
399
(3,872)
1 1. The adjustment in respect of 2022 is described in Note 1. Potential deferred tax assets have not been recognised. The gross temporary differences are set out below:
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Temporary differences:
Difference between capital allowances and depreciation
(2,967)
60
Deductions relating to share options
(7,158)
(15,356)
Other timing differences
(563)
(319)
Losses carried forward
(224,544)
(173,434)
(235,232)
(189,049)
1 1. The adjustment in respect of 2022 is described in Note 1. The deferred tax assets have not been recognised as the Directors consider that it is unlikely that the asset will be realised in the foreseeable future. The element of the RDEC credit that can only be set off against future UK corporation tax liability is \u00a32,482,000 (2022: \u00a31,225,000) and has not been recognised as the Directors consider that it is unlikely that this asset will be realised in the foreseeable future. 18. Trade and other payables Trade and other payables are initially recognised at fair value, which is typically the invoiced amount and then held at amortised cost. Other payables include taxes and social security amounts due on behalf of the Group\u2019s employees.
31 Dec 2023 31 Dec 2022
\u00a3\u2019000 \u00a3\u2019000
Current:
Trade payables
3,624
4,795
Other payables
1,359
138
4,983
4,933
19. Other liabilities
31 Dec 2022 31 Dec 2021
31 Dec 2023 \u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
Restated
1
Restated
1
Current:
Accruals
5,933
6,032
4,803
Deferred income
368
243
244
6,301
6,275
5,047
Non-current:
Deferred income
1,360
1,011
771
1 1 1. The adjustment in respect of 2022 and 2021 is described in Note 1. Accruals include estimates of amounts owed to suppliers that have not been invoiced at the year-end, and to the Group\u2019s employees for various employee-related payments. Deferred income consists of grant income and RDEC tax credits deferred in relation to associated development costs which have been capitalised as an intangible asset. Grant income is recognised in the Consolidated Statement of Profit and Loss in the same period as the expenditure to which the grant relates.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "Deferred taxation Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year-end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.
2023 2022
\u00a3\u2019000 \u00a3\u2019000
UK corporation tax
\u2014
(4,470)
Foreign tax suffered
334
828
Adjustment in respect of prior periods
65
(230)
Taxation credit
399
(3,872)
The current tax rate is 23.52% (2022: 19.00%). From 1 April 2023 the main corporation tax rate increased from 19% to 25% on profits over \u00a3250,000. A tax charge has arisen as a result of expenditure surrendered and claimed under the SME R&D regime in the prior year and foreign tax and withholding tax arising on licence income received from customers based in China and South Korea. The tax result for the year is different from the standard rate of UK corporation tax of 23.52% (2022: 19.00%). The differences are explained below:
2022
2023 \u00a3\u2019000
\u00a3\u2019000
Restated
1
Loss before taxation
(53,609)
(51,487)
Loss before taxation multiplied by the UK tax rate of 23.52% (2022: 19.00%)
(12,609)
(9,783)
Effects of:
Losses carried forward
12,307
9,417
Enhanced tax deductions for R&D expenditure
\u2014
(3,310)
Expenses not deductible
240
160
Fixed asset differences
62
(215)
Employee share scheme
1,452
\u2014
Effect of overseas tax rates
252
742
Adjustment in respect of prior periods \u2013 R&D tax credit
65
(230)
Difference between R&D tax credit and small company tax rate
\u2014
1,387
Tax on RDEC credit
434
159
Deferred tax rate change
(649)
\u2014
Other short term timing difference
773
(1,141)
Share option timing differences
(1,928)
(1,058)
Total taxation credit
399
(3,872)
1 1. The adjustment in respect of 2022 is described in Note 1. Potential deferred tax assets have not been recognised. The gross temporary differences are set out below:
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Temporary differences:
Difference between capital allowances and depreciation
(2,967)
60
Deductions relating to share options
(7,158)
(15,356)
Other timing differences
(563)
(319)
Losses carried forward
(224,544)
(173,434)
(235,232)
(189,049)
1 1. The adjustment in respect of 2022 is described in Note 1. The deferred tax assets have not been recognised as the Directors consider that it is unlikely that the asset will be realised in the foreseeable future. The element of the RDEC credit that can only be set off against future UK corporation tax liability is \u00a32,482,000 (2022: \u00a31,225,000) and has not been recognised as the Directors consider that it is unlikely that this asset will be realised in the foreseeable future. 15. Trade and other receivables Trade receivables are recognised initially at transaction price and subsequently held at amortised cost using the effective interest method, less loss allowances. Loss allowances are calculated using the simplified approach to determine expected credit losses, taking into account both historical payment profiles and any credit losses experienced, together with forward-looking macroeconomic factors. The carrying amount of these balances approximates to fair value due to the short maturity of amounts receivable. Payment terms generally range between 30 and 60 days depending on the customer. Although the Group\u2019s past experience of significant credit losses on these assets has been negligible, the impairment assessment performed by the Group considers both past experience and future expectations of credit losses. As a result of this assessment, the Group considers the risk of expected credit losses on trade receivables and contract assets to be immaterial. Further details on this assessment are provided in Note 20.
31 Dec 2023 31 Dec 2022
\u00a3\u2019000 \u00a3\u2019000
Current:
Trade receivables
3,422
11,825
VAT receivable
2,273
1,853
RDEC receivable
4,008
3,032
Other receivables
172
443
9,876
17,153
Non-current:
Other receivables
741
741
Non-current other receivables comprise rent deposit guarantees held by landlords in respect of the Group\u2019s leased properties. There is no material difference between the fair value of trade and other receivables and their carrying values and they are not materially overdue at the year-end. There are no expected credit losses recognised during the year ended 31 December 2023 (31 December 2022: \u00a3nil). The carrying amounts of the Group\u2019s trade and other receivables are primarily denominated in pounds sterling, euros and US dollars (as set out in Note 20). 16. Other current assets
31 Dec 2023 31 Dec 2022
\u00a3\u2019000 \u00a3\u2019000
Current:
Prepayments
1,193
869
Accrued other income
\u2014
88
1,193
957
No accrued other income was recognised in the year to 31 December 2023, previously this related to consideration for work completed on grant-funded contracts but not billed at the reporting date. The accrued other income is transferred to other receivables when the rights become unconditional.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "value": "Deferred taxation Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year-end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.
2023 2022
\u00a3\u2019000 \u00a3\u2019000
UK corporation tax
\u2014
(4,470)
Foreign tax suffered
334
828
Adjustment in respect of prior periods
65
(230)
Taxation credit
399
(3,872)
The current tax rate is 23.52% (2022: 19.00%). From 1 April 2023 the main corporation tax rate increased from 19% to 25% on profits over \u00a3250,000. A tax charge has arisen as a result of expenditure surrendered and claimed under the SME R&D regime in the prior year and foreign tax and withholding tax arising on licence income received from customers based in China and South Korea. The tax result for the year is different from the standard rate of UK corporation tax of 23.52% (2022: 19.00%). The differences are explained below:
2022
2023 \u00a3\u2019000
\u00a3\u2019000
Restated
1
Loss before taxation
(53,609)
(51,487)
Loss before taxation multiplied by the UK tax rate of 23.52% (2022: 19.00%)
(12,609)
(9,783)
Effects of:
Losses carried forward
12,307
9,417
Enhanced tax deductions for R&D expenditure
\u2014
(3,310)
Expenses not deductible
240
160
Fixed asset differences
62
(215)
Employee share scheme
1,452
\u2014
Effect of overseas tax rates
252
742
Adjustment in respect of prior periods \u2013 R&D tax credit
65
(230)
Difference between R&D tax credit and small company tax rate
\u2014
1,387
Tax on RDEC credit
434
159
Deferred tax rate change
(649)
\u2014
Other short term timing difference
773
(1,141)
Share option timing differences
(1,928)
(1,058)
Total taxation credit
399
(3,872)
1 1. The adjustment in respect of 2022 is described in Note 1. Potential deferred tax assets have not been recognised. The gross temporary differences are set out below:
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Temporary differences:
Difference between capital allowances and depreciation
(2,967)
60
Deductions relating to share options
(7,158)
(15,356)
Other timing differences
(563)
(319)
Losses carried forward
(224,544)
(173,434)
(235,232)
(189,049)
1 1. The adjustment in respect of 2022 is described in Note 1. The deferred tax assets have not been recognised as the Directors consider that it is unlikely that the asset will be realised in the foreseeable future. The element of the RDEC credit that can only be set off against future UK corporation tax liability is \u00a32,482,000 (2022: \u00a31,225,000) and has not been recognised as the Directors consider that it is unlikely that this asset will be realised in the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "Deferred taxation Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year-end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.
2023 2022
\u00a3\u2019000 \u00a3\u2019000
UK corporation tax
\u2014
(4,470)
Foreign tax suffered
334
828
Adjustment in respect of prior periods
65
(230)
Taxation credit
399
(3,872)
The current tax rate is 23.52% (2022: 19.00%). From 1 April 2023 the main corporation tax rate increased from 19% to 25% on profits over \u00a3250,000. A tax charge has arisen as a result of expenditure surrendered and claimed under the SME R&D regime in the prior year and foreign tax and withholding tax arising on licence income received from customers based in China and South Korea. The tax result for the year is different from the standard rate of UK corporation tax of 23.52% (2022: 19.00%). The differences are explained below:
2022
2023 \u00a3\u2019000
\u00a3\u2019000
Restated
1
Loss before taxation
(53,609)
(51,487)
Loss before taxation multiplied by the UK tax rate of 23.52% (2022: 19.00%)
(12,609)
(9,783)
Effects of:
Losses carried forward
12,307
9,417
Enhanced tax deductions for R&D expenditure
\u2014
(3,310)
Expenses not deductible
240
160
Fixed asset differences
62
(215)
Employee share scheme
1,452
\u2014
Effect of overseas tax rates
252
742
Adjustment in respect of prior periods \u2013 R&D tax credit
65
(230)
Difference between R&D tax credit and small company tax rate
\u2014
1,387
Tax on RDEC credit
434
159
Deferred tax rate change
(649)
\u2014
Other short term timing difference
773
(1,141)
Share option timing differences
(1,928)
(1,058)
Total taxation credit
399
(3,872)
1 1. The adjustment in respect of 2022 is described in Note 1. Potential deferred tax assets have not been recognised. The gross temporary differences are set out below:
2022
2023 \u00a3\u2019000
\u00a3\u2019000 Restated
Temporary differences:
Difference between capital allowances and depreciation
(2,967)
60
Deductions relating to share options
(7,158)
(15,356)
Other timing differences
(563)
(319)
Losses carried forward
(224,544)
(173,434)
(235,232)
(189,049)
1 1. The adjustment in respect of 2022 is described in Note 1. The deferred tax assets have not been recognised as the Directors consider that it is unlikely that the asset will be realised in the foreseeable future. The element of the RDEC credit that can only be set off against future UK corporation tax liability is \u00a32,482,000 (2022: \u00a31,225,000) and has not been recognised as the Directors consider that it is unlikely that this asset will be realised in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "value": "9. Loss per share Basic and diluted loss per \u00a30.10 ordinary share of 28.03p for the year ended 31 December 2023 (restated 31 December 2022: 24.88p) is calculated by dividing the loss for the financial year attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the year. Given the losses reported during the year, there is no dilution of losses per share for the year ended 31 December 2023 (31 December 2022: no dilution).
2022
2023 \u00a3\u2019000
\u00a3\u2019000
Restated
1
Loss for the financial year attributable to shareholders
(54,008)
(47,615)
Weighted average number of shares in issue
192,651,782
191,385,618
Loss per \u00a30.10 ordinary share (basic and diluted)
(28.03)p
(24.88)p
1. The adjustment in respect of 2022 is described in Note 1", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-322": { "value": "
10. Property, plant and equipment
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. The cost
includes all expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in the asset\u2019s
carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits
associated with the asset will flow to the Group and the cost of the asset can be measured reliably. All other repairs and
maintenance costs are charged to the Consolidated Statement of Profit and Loss during the financial period in which they are
incurred. The Directors annually consider the need to impair these assets.
Depreciation is charged to the Consolidated Statement of Profit and Loss on a straight-line basis over the estimated useful lives
of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows:
Leasehold improvements
Ten years or the lease term if shorter
Plant and machinery
Three to ten years
Computer equipment
Three years
Fixtures and fittings
Three to ten years
Depreciation methods, useful lives and residual values are reviewed, and adjusted if appropriate, at each balance sheet date.
The carrying values of property, plant and equipment are reviewed on an ongoing basis for any indication of impairment.
Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised
in the Consolidated Statement of Profit and Loss whenever the carrying value of property, plant and equipment exceeds its
recoverable amount.
Assets under construction represents the cost of purchasing, constructing and installing property, plant and equipment ahead
of their productive use. The category is temporary, pending completion of the assets and their transfer to the appropriate
and permanent category of property, plant and equipment. As such, no depreciation is charged on assets under construction.
Leasehold Plant and Computer Fixtures Assets under
improvements machinery equipment and fittings construction Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2022 - Previously stated
7,412
25,514
2,563
348
1,975
37,812
Brought forward restatement
151
518
\u2014
\u2014
\u2014
669
At 1 January 2022 - Restated
7,563
26,020
2,563
348
1,975
38,481
Additions
1,121
5,194
203
\u2014
6,848
13,366
Transfers
71
1,672
\u2014
\u2014
(1,743)
\u2014
Disposals
(1,621)
(6,669)
(831)
(72)
\u2014
(9,193)
At 31 December 2022
7,134
26,229
1,935
276
7,080
42,654
Additions
1,318
3,647
164
115
1,937
7,181
Transfers
511
2,009
\u2014
\u2014
(2,520)
\u2014
Disposals
(150)
(568)
(57)
\u2014
(68)
(843)
At 31 December 2023
8,813
31,317
2,042
391
6,429
48,992
Accumulated depreciation
At 1 January 2022 - Previously stated
3,358
14,291
1,790
232
\u2014
19,671
Brought forward restatement
37
160
\u2014
\u2014
\u2014
197
At 1 January 2022 - Restated
3,395
14,451
1,790
232
\u2014
19,868
Charge for the year
956
4,119
444
73
\u2014
5,592
Depreciation on disposals
(1,621)
(6,669)
(831)
(72)
\u2014
(9,193)
At 31 December 2022
2,730
11,901
1,403
233
\u2014
16,267
Charge for the year
1,264
5,783
379
35
\u2014
7,461
Depreciation on disposals
(150)
(411)
(57)
\u2014
\u2014
(618)
At 31 December 2023
3,844
17,273
1,725
268
\u2014
23,110
Net book value
At 31 December 2023
4,969
14,044
317
123
6,429
25,882
At 31 December 2022 - Restated
4,404
14,328
532
43
7,080
26,387
At 31 December 2021 - Restated
4,168
11,581
773
116
1,975
18,613
1
1
2
1
1
1. The adjustment in respect of 2022 and 2021 is described in Note 1.
2. The transfer from assets under construction to plant and machinery in the 2022 property, plant and equipment note was understated by \u00a3779,000. The note has been
re-presented to reflect this correction.
Assets under construction primarily comprise plant and machinery and leasehold improvements related to the Group\u2019s
manufacturing and testing facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. The cost includes all expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the asset will flow to the Group and the cost of the asset can be measured reliably. All other repairs and maintenance costs are charged to the Consolidated Statement of Profit and Loss during the financial period in which they are incurred. The Directors annually consider the need to impair these assets. Depreciation is charged to the Consolidated Statement of Profit and Loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows:
Leasehold improvements
Ten years or the lease term if shorter
Plant and machinery
Three to ten years
Computer equipment
Three years
Fixtures and fittings
Three to ten years
Depreciation methods, useful lives and residual values are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying values of property, plant and equipment are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of property, plant and equipment exceeds its recoverable amount. Assets under construction represents the cost of purchasing, constructing and installing property, plant and equipment ahead of their productive use. The category is temporary, pending completion of the assets and their transfer to the appropriate and permanent category of property, plant and equipment. As such, no depreciation is charged on assets under construction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "value": "Depreciation is charged to the Consolidated Statement of Profit and Loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows:
Leasehold improvements
Ten years or the lease term if shorter
Plant and machinery
Three to ten years
Computer equipment
Three years
Fixtures and fittings
Three to ten years
Depreciation methods, useful lives and residual values are reviewed, and adjusted if appropriate, at each balance sheet date. Right-of-use assets are depreciated over the shorter of the lease term and the relevant useful economic life following the periods set out in the property, plant and equipment depreciation policy. Where the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the right-of-use asset is depreciated over its useful economic life. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "value": "Depreciation is charged to the Consolidated Statement of Profit and Loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows:
Leasehold improvements
Ten years or the lease term if shorter
Plant and machinery
Three to ten years
Computer equipment
Three years
Fixtures and fittings
Three to ten years
Depreciation methods, useful lives and residual values are reviewed, and adjusted if appropriate, at each balance sheet date. Right-of-use assets are depreciated over the shorter of the lease term and the relevant useful economic life following the periods set out in the property, plant and equipment depreciation policy. Where the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the right-of-use asset is depreciated over its useful economic life. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "Assets under construction represents the cost of purchasing, constructing and installing property, plant and equipment ahead of their productive use. The category is temporary, pending completion of the assets and their transfer to the appropriate and permanent category of property, plant and equipment. As such, no depreciation is charged on assets under construction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-323": { "value": "
11. Right-of-use assets
The Group holds material leases for premises and lower value leases for IT equipment, with lease terms ranging from six months
to ten years. The Group recognises right-of-use assets and lease liabilities (i.e. leases are recognised on the Consolidated Statement
of Financial Position) for all leases other than for short-term leased plant and machinery (i.e. leases that have a term less than
12 months). Short term lease expense is recognised in operating expenses.
Lease liabilities are initially measured at the present value of the remaining lease payments discounted at the Group\u2019s incremental
borrowing rate. Subsequently, lease liabilities are measured by adjusting to reflect interest on the lease liability, reducing the liability
to reflect lease payments made and to reflect any re-assessment or lease modifications, or revised in-substance fixed lease
payments (refer to Note 21).
The associated right-of-use asset for property leases and other assets is initially measured at the amount equal to the lease liability
reduced for any lease incentives received, and increased for: lease payments made at or before commencement of the lease;
initial direct costs incurred; and the amount of any provision recognised where the Group is contractually required to dismantle,
remove or restore the leased asset. Subsequently, right-of-use assets are measured at cost less any accumulated depreciation and
adjusted for any re-measurement of the lease liability. The re-measured lease liability is calculated by discounting the revised lease
payments using a revised discount rate at the effective date of the modification. A corresponding adjustment is also made to the
right-of-use asset unless the scope of the lease is decreased, in which case a gain or loss may be recognised.
Right-of-use assets are depreciated over the shorter of the lease term and the relevant useful economic life following the periods
set out in the property, plant and equipment depreciation policy. Where the lease transfers ownership of the underlying asset to
the lessee by the end of the lease term or the cost of the right-of-use asset reflects that the lessee will exercise a purchase option,
the right-of-use asset is depreciated over its useful economic life.
Right-of-use assets are tested for impairment by applying IAS 36 Impairment of Assets. The carrying values of right-of-use assets
are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable
value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever
the carrying value of a right-of-use asset exceeds its recoverable amount.
Land and Computer
buildings equipment Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2022
3,694
43
3,737
Adjustment of lease term
829
\u2014
829
At 31 December 2022
4,523
43
4,566
Additions
168
\u2014
168
Adjustment of lease term
(33)
\u2014
(33)
At 31 December 2023
4,658
43
4,701
Accumulated depreciation
At 1 January 2022
1,289
10
1,299
Charge for the year
606
14
620
At 31 December 2022
1,895
24
1,919
Charge for the year
627
14
641
At 31 December 2023
2,522
38
2,560
Net book value
At 31 December 2023
2,136
5
2,141
At 31 December 2022
2,628
19
2,647
At 31 December 2021
2,405
33
2,438
During the year, the Group signed a new property lease and the break clause for that lease was subsequently triggered.
An adjustment was recognised to decrease the right-of-use asset, with a corresponding adjustment to the lease liability.
During the prior year, the Group signed an extension to a property lease and revised the expected term of that lease accordingly.
An adjustment of \u00a30.8m was recognised to increase the right-of-use asset, with a corresponding adjustment to the lease liability.
21. Lease liabilities The Group leases certain assets under lease agreements. The lease liability consists of leases of land and buildings and computer equipment. The property leases expire between June 2024 and November 2028. Full details of the accounting policy under which leases are recognised are in Note 11 .
\u00a3\u2019000
Balance as at 1 January 2022
3,039
Lease payments
(956)
Interest expense
212
Adjustment of lease term (see Note 11)
829
Balance as at 31 December 2022
3,124
New finance leases recognised
66
Lease payments
(906)
Interest expense
248
Adjustment of lease term (see Note 11)
64
Balance as at 31 December 2023
2,596
Current
694
Non-current
1,902
Balance as at 31 December 2023
2,596
Current
610
Non-current
2,514
Balance as at 31 December 2022
3,124
Lease liability contractual maturities (representing undiscounted contractual cash flows) are set out in Note 20.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "value": "11. Right-of-use assets The Group holds material leases for premises and lower value leases for IT equipment, with lease terms ranging from six months to ten years. The Group recognises right-of-use assets and lease liabilities (i.e. leases are recognised on the Consolidated Statement of Financial Position) for all leases other than for short-term leased plant and machinery (i.e. leases that have a term less than 12 months). Short term lease expense is recognised in operating expenses. Lease liabilities are initially measured at the present value of the remaining lease payments discounted at the Group\u2019s incremental borrowing rate. Subsequently, lease liabilities are measured by adjusting to reflect interest on the lease liability, reducing the liability to reflect lease payments made and to reflect any re-assessment or lease modifications, or revised in-substance fixed lease payments (refer to Note 21). The associated right-of-use asset for property leases and other assets is initially measured at the amount equal to the lease liability reduced for any lease incentives received, and increased for: lease payments made at or before commencement of the lease; initial direct costs incurred; and the amount of any provision recognised where the Group is contractually required to dismantle, remove or restore the leased asset. Subsequently, right-of-use assets are measured at cost less any accumulated depreciation and adjusted for any re-measurement of the lease liability. The re-measured lease liability is calculated by discounting the revised lease payments using a revised discount rate at the effective date of the modification. A corresponding adjustment is also made to the right-of-use asset unless the scope of the lease is decreased, in which case a gain or loss may be recognised. Right-of-use assets are depreciated over the shorter of the lease term and the relevant useful economic life following the periods set out in the property, plant and equipment depreciation policy. Where the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the right-of-use asset is depreciated over its useful economic life. Right-of-use assets are tested for impairment by applying IAS 36 Impairment of Assets. The carrying values of right-of-use assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of a right-of-use asset exceeds its recoverable amount. 21. Lease liabilities The Group leases certain assets under lease agreements. The lease liability consists of leases of land and buildings and computer equipment. The property leases expire between June 2024 and November 2028. Full details of the accounting policy under which leases are recognised are in Note 11 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-324": { "value": "
12. Intangible assets
Research and development
Expenditure incurred on research and development is distinguished as relating to a research phase or development phase
with reference to the Group\u2019s technology and product development process.
All research phase expenditure is recognised in the Consolidated Statement of Profit and Loss as an expense when incurred
(see Note 4).
Development phase expenditure is capitalised from the point that all of the following conditions are met:
\u2022 the product or process under development is technically and commercially feasible;
\u2022 the Group intends to and has the technical ability and sufficient resources to complete the development;
\u2022 future economic benefits are probable; and
\u2022 the Group can measure reliably the expenditure attributable to the asset during its development.
Development phase activities involve a plan or design for the production of new or substantially improved products or processes
in relation to the Group\u2019s core fuel cell and system technology and intellectual property. The expenditure capitalised includes the
cost of materials, direct labour and an appropriate proportion of overheads.
Capitalisation of development phase activities continues until the point at which the product or process under development meets
its originally mandated technical specification. For product and process development, this is at the point where the production
design version is approved or the development is completed.
Subsequent expenditure is capitalised where it enhances the functionality of the asset and demonstrably generates an enhanced
economic benefit to the Group. All other subsequent expenditure on the product or process is expensed as incurred.
Where development activities are funded through government grants and the cost of those activities is capitalised under this
policy, the grants received are considered capital grants and are presented as deferred income and recognised in the Consolidated
Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset
over its estimated useful life.
Patent costs incurred in the procurement of patents in relevant territories are capitalised where the Group considers those patents
relate to technology that is deemed to be commercially feasible. Other patent costs and costs to maintain patents once granted
in those territories are expensed to in the Consolidated Statement of Profit and Loss as incurred.
Subsequent to recognition, internally generated intangible assets are reported at cost less accumulated amortisation and
accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives and is presented
within operating costs. The estimated useful lives are reviewed and adjusted as appropriate, at each balance sheet date. Intangible
assets which are not yet available for use are tested for impairment at each balance sheet date.
The following useful lives are used in the calculation of amortisation:
Capitalised development
Two to seven years
Patent costs
Three to ten years
Perpetual software licences
Three years
The carrying values of intangible assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of
impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement
of Profit and Loss whenever the carrying value of an intangible asset exceeds its recoverable amount.
Internal
developments Customer and
in relation to internal Perpetual
manufacturing development software
site programmes licences Patent costs Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2022
411
8,407
252
633
9,703
Additions
\u2014
5,340
273
219
5,832
At 31 December 2022
411
13,747
525
852
15,535
Additions
\u2014
6,443
\u2014
357
6,800
At 31 December 2023
411
20,190
525
1,209
22,335
Accumulated amortisation
At 1 January 2022
164
1,038
23
\u2014
1,225
Charge for the year
82
748
125
77
1,032
At 31 December 2022
246
1,786
148
77
2,257
Charge for the year
82
728
137
77
1,024
At 31 December 2023
328
2,514
285
154
3,281
Net book value
At 31 December 2023
83
17,676
240
1,055
19,054
At 31 December 2022
165
11,961
377
775
13,278
At 31 December 2021
247
7,369
229
633
8,478
The customer and internal development intangible relates to the design, development and configuration of the Company\u2019s core
solid oxide fuel cell and system technology. Amortisation of capitalised development commences once the developed technology
is complete and is available for use.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "12. Intangible assets Research and development Expenditure incurred on research and development is distinguished as relating to a research phase or development phase with reference to the Group\u2019s technology and product development process. All research phase expenditure is recognised in the Consolidated Statement of Profit and Loss as an expense when incurred (see Note 4). Development phase expenditure is capitalised from the point that all of the following conditions are met: \u2022 the product or process under development is technically and commercially feasible; \u2022 the Group intends to and has the technical ability and sufficient resources to complete the development; \u2022 future economic benefits are probable; and \u2022 the Group can measure reliably the expenditure attributable to the asset during its development. Development phase activities involve a plan or design for the production of new or substantially improved products or processes in relation to the Group\u2019s core fuel cell and system technology and intellectual property. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalisation of development phase activities continues until the point at which the product or process under development meets its originally mandated technical specification. For product and process development, this is at the point where the production design version is approved or the development is completed. Subsequent expenditure is capitalised where it enhances the functionality of the asset and demonstrably generates an enhanced economic benefit to the Group. All other subsequent expenditure on the product or process is expensed as incurred. Where development activities are funded through government grants and the cost of those activities is capitalised under this policy, the grants received are considered capital grants and are presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. Patent costs incurred in the procurement of patents in relevant territories are capitalised where the Group considers those patents relate to technology that is deemed to be commercially feasible. Other patent costs and costs to maintain patents once granted in those territories are expensed to in the Consolidated Statement of Profit and Loss as incurred. Subsequent to recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives and is presented within operating costs. The estimated useful lives are reviewed and adjusted as appropriate, at each balance sheet date. Intangible assets which are not yet available for use are tested for impairment at each balance sheet date. The following useful lives are used in the calculation of amortisation:
Capitalised development
Two to seven years
Patent costs
Three to ten years
Perpetual software licences
Three years
The carrying values of intangible assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of an intangible asset exceeds its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "12. Intangible assets Research and development Expenditure incurred on research and development is distinguished as relating to a research phase or development phase with reference to the Group\u2019s technology and product development process. All research phase expenditure is recognised in the Consolidated Statement of Profit and Loss as an expense when incurred (see Note 4). Development phase expenditure is capitalised from the point that all of the following conditions are met: \u2022 the product or process under development is technically and commercially feasible; \u2022 the Group intends to and has the technical ability and sufficient resources to complete the development; \u2022 future economic benefits are probable; and \u2022 the Group can measure reliably the expenditure attributable to the asset during its development. Development phase activities involve a plan or design for the production of new or substantially improved products or processes in relation to the Group\u2019s core fuel cell and system technology and intellectual property. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalisation of development phase activities continues until the point at which the product or process under development meets its originally mandated technical specification. For product and process development, this is at the point where the production design version is approved or the development is completed. Subsequent expenditure is capitalised where it enhances the functionality of the asset and demonstrably generates an enhanced economic benefit to the Group. All other subsequent expenditure on the product or process is expensed as incurred. Where development activities are funded through government grants and the cost of those activities is capitalised under this policy, the grants received are considered capital grants and are presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. Patent costs incurred in the procurement of patents in relevant territories are capitalised where the Group considers those patents relate to technology that is deemed to be commercially feasible. Other patent costs and costs to maintain patents once granted in those territories are expensed to in the Consolidated Statement of Profit and Loss as incurred. Subsequent to recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives and is presented within operating costs. The estimated useful lives are reviewed and adjusted as appropriate, at each balance sheet date. Intangible assets which are not yet available for use are tested for impairment at each balance sheet date. The following useful lives are used in the calculation of amortisation:
Capitalised development
Two to seven years
Patent costs
Three to ten years
Perpetual software licences
Three years
The carrying values of intangible assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of an intangible asset exceeds its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "value": "12. Intangible assets Research and development Expenditure incurred on research and development is distinguished as relating to a research phase or development phase with reference to the Group\u2019s technology and product development process. All research phase expenditure is recognised in the Consolidated Statement of Profit and Loss as an expense when incurred (see Note 4). Development phase expenditure is capitalised from the point that all of the following conditions are met: \u2022 the product or process under development is technically and commercially feasible; \u2022 the Group intends to and has the technical ability and sufficient resources to complete the development; \u2022 future economic benefits are probable; and \u2022 the Group can measure reliably the expenditure attributable to the asset during its development. Development phase activities involve a plan or design for the production of new or substantially improved products or processes in relation to the Group\u2019s core fuel cell and system technology and intellectual property. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalisation of development phase activities continues until the point at which the product or process under development meets its originally mandated technical specification. For product and process development, this is at the point where the production design version is approved or the development is completed. Subsequent expenditure is capitalised where it enhances the functionality of the asset and demonstrably generates an enhanced economic benefit to the Group. All other subsequent expenditure on the product or process is expensed as incurred. Where development activities are funded through government grants and the cost of those activities is capitalised under this policy, the grants received are considered capital grants and are presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. Patent costs incurred in the procurement of patents in relevant territories are capitalised where the Group considers those patents relate to technology that is deemed to be commercially feasible. Other patent costs and costs to maintain patents once granted in those territories are expensed to in the Consolidated Statement of Profit and Loss as incurred. Subsequent to recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives and is presented within operating costs. The estimated useful lives are reviewed and adjusted as appropriate, at each balance sheet date. Intangible assets which are not yet available for use are tested for impairment at each balance sheet date. The following useful lives are used in the calculation of amortisation:
Capitalised development
Two to seven years
Patent costs
Three to ten years
Perpetual software licences
Three years
The carrying values of intangible assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of an intangible asset exceeds its recoverable amount.
Internal
developments Customer and
in relation to internal Perpetual
manufacturing development software
site programmes licences Patent costs Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2022
411
8,407
252
633
9,703
Additions
\u2014
5,340
273
219
5,832
At 31 December 2022
411
13,747
525
852
15,535
Additions
\u2014
6,443
\u2014
357
6,800
At 31 December 2023
411
20,190
525
1,209
22,335
Accumulated amortisation
At 1 January 2022
164
1,038
23
\u2014
1,225
Charge for the year
82
748
125
77
1,032
At 31 December 2022
246
1,786
148
77
2,257
Charge for the year
82
728
137
77
1,024
At 31 December 2023
328
2,514
285
154
3,281
Net book value
At 31 December 2023
83
17,676
240
1,055
19,054
At 31 December 2022
165
11,961
377
775
13,278
At 31 December 2021
247
7,369
229
633
8,478
The customer and internal development intangible relates to the design, development and configuration of the Company\u2019s core solid oxide fuel cell and system technology. Amortisation of capitalised development commences once the developed technology is complete and is available for use.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-325": { "value": "
13. Subsidiary undertakings and associates
Details of the Group\u2019s subsidiaries and associates at 31 December 2023 are as follows:
Proportion of
nominal value
of shares held
Country of Description of by the
Name of undertaking incorporation shares held
Company
Type of entity
Ceres Power Ltd
England and Wales
\u00a30.001 ordinary shares
100%
1
Subsidiary
Ceres Intellectual Property Company Ltd
England and Wales
\u00a31.00 ordinary shares
100%
1
Subsidiary
Ceres Power Intermediate Holdings Ltd
England and Wales
\u00a30.01 ordinary shares
100%
Subsidiary
Ceres Power Licence Company Ltd
England and Wales
\u00a31.00 ordinary shares
100%
1
Subsidiary
Ceres Holdings International Ltd
England and Wales
\u00a31.00 ordinary shares
100%
1
Subsidiary
Ceres Engineering Consulting (Shanghai) Co Ltd
Shanghai, China
\u00a31.00 ordinary shares
100%
2
Subsidiary
RFC Power Ltd
England and Wales
\u00a30.001 ordinary shares
24.2%
3
Associate
1
1. Ceres Power Ltd, Ceres Intellectual Property Company Ltd, Ceres Holdings International Ltd and Ceres Power Licence Company Ltd are 100% held directly by Ceres
Power Intermediate Holdings Ltd. Registered address is Viking House, Foundry Lane, Horsham, West Sussex, RH13 5PX.
2. 100% held directly by Ceres Power Ltd. Registered address is Office 1903i, Floor 19/F, Tower B, No.1065 West Zhongshan Road, Changning District, Shanghai, China.
3. 24.2% held directly by Ceres Power Intermediate Holdings Ltd. Registered address is Windsor House, Cornwall Road, Harrogate, HG1 2PW.
The principal activity of Ceres Power Ltd is the commercialisation and continued development of the Group\u2019s fuel cell and
electrochemical technology. The principal activity of Ceres Intellectual Property Company Ltd is the administration of registered
intellectual property developed within the Group. The principal activity of Ceres Power Intermediate Holdings Ltd is as a holding
company to the other Group companies and to manage the Group\u2019s cash, cash equivalents and investments. The principal activity
of Ceres Power Licence Company Ltd is the provision of overseas licence and royalty services.
On 23 August 2021, the Group established a Wholly Foreign Owned Entity (\u201cWFOE\u201d), Ceres Engineering Consulting (Shanghai)
Co Ltd in Shanghai, China. The company is a 100% owned subsidiary of Ceres Power Ltd. The principal activity of the company
is to provide business development and technical support to our business and partners in China.
On 11 November 2021 Ceres Power Intermediate Holdings Ltd acquired an 8.4% shareholding in RFC Power Ltd in exchange
for consultancy services performed. RFC Power specialises in developing novel flow battery chemistries for energy storage
systems. The shareholding was treated as an investment in associate as the Group determined that the transaction gave the
Group significant influence over RFC Power, provided primarily by the share of equity capital and representation on the RFC
Power Board. The Group recognised an investment in associate of \u00a30.5m accordingly. At the same time, the Group signed
an option agreement providing Ceres with the option to acquire the balance of the outstanding share capital for up to \u00a325m,
payable in Ceres shares, exercisable from July to November 2022.
On 6 December 2022, the Group signed revised equity and option agreements with RFC Power to: (i) increase the Group\u2019s
shareholding in RFC Power to 24.2% in return for a payment of \u00a31m cash made on 6 December 2022 and for the provision
of further consultancy services commencing in December 2022 through to mid-2024 for a value of \u00a31m; and (ii) defer the
exercisable period whereby Ceres has the option to acquire all the remaining share capital of RFC Power from between
May 2022 and November 2022, to between 1 January 2024 and 30 April 2024 but at the same exercise price.
The contribution of \u00a32m was treated as an additional cost of investment in the associate, increasing the cost of the investment
to \u00a32.5m at 31 December 2022. The value of the option at year end was determined to be \u00a3nil (31 December 2022: \u00a3nil).
In February 2024 the Group has terminated its option to acquire the remainder of RFC Power\u2019s shares. The Group continues
to hold the 24.2% investment as an associate. The Group has recognised its share of RFC Power\u2019s loss for the year ended
31 December 2023 of \u00a3110,000 (31 December 2022: \u00a340,000).
The results of Ceres Power Ltd, Ceres Intellectual Property Company Ltd, Ceres Power Intermediate Holdings Ltd, Ceres Holdings
International Ltd, Ceres Engineering Consulting (Shanghai) Co Ltd and Ceres Power Licence Company Ltd are included within
these consolidated financial statements. The Group\u2019s share of the results of RFC Power Ltd are included within these consolidated
financial statements by applying the equity method of accounting, as set out in Note 1. The Group\u2019s share of RFC\u2019s results since
acquiring the shareholding is not material and has therefore not been disclosed separately.
On 15 August 2022, the Group established a new international holding company, Ceres Holdings International Ltd. This company
is a 100% owned subsidiary of Ceres Power Intermediate Holdings Ltd and is currently dormant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "13. Subsidiary undertakings and associates Details of the Group\u2019s subsidiaries and associates at 31 December 2023 are as follows:
Proportion of
nominal value
of shares held
Country of Description of by the
Name of undertaking incorporation shares held
Company
Type of entity
Ceres Power Ltd
England and Wales
\u00a30.001 ordinary shares
100%
1
Subsidiary
Ceres Intellectual Property Company Ltd
England and Wales
\u00a31.00 ordinary shares
100%
1
Subsidiary
Ceres Power Intermediate Holdings Ltd
England and Wales
\u00a30.01 ordinary shares
100%
Subsidiary
Ceres Power Licence Company Ltd
England and Wales
\u00a31.00 ordinary shares
100%
1
Subsidiary
Ceres Holdings International Ltd
England and Wales
\u00a31.00 ordinary shares
100%
1
Subsidiary
Ceres Engineering Consulting (Shanghai) Co Ltd
Shanghai, China
\u00a31.00 ordinary shares
100%
2
Subsidiary
RFC Power Ltd
England and Wales
\u00a30.001 ordinary shares
24.2%
3
Associate
1 1. Ceres Power Ltd, Ceres Intellectual Property Company Ltd, Ceres Holdings International Ltd and Ceres Power Licence Company Ltd are 100% held directly by Ceres Power Intermediate Holdings Ltd. Registered address is Viking House, Foundry Lane, Horsham, West Sussex, RH13 5PX. 2. 100% held directly by Ceres Power Ltd. Registered address is Office 1903i, Floor 19/F, Tower B, No.1065 West Zhongshan Road, Changning District, Shanghai, China. 3. 24.2% held directly by Ceres Power Intermediate Holdings Ltd. Registered address is Windsor House, Cornwall Road, Harrogate, HG1 2PW. The principal activity of Ceres Power Ltd is the commercialisation and continued development of the Group\u2019s fuel cell and electrochemical technology. The principal activity of Ceres Intellectual Property Company Ltd is the administration of registered intellectual property developed within the Group. The principal activity of Ceres Power Intermediate Holdings Ltd is as a holding company to the other Group companies and to manage the Group\u2019s cash, cash equivalents and investments. The principal activity of Ceres Power Licence Company Ltd is the provision of overseas licence and royalty services. On 23 August 2021, the Group established a Wholly Foreign Owned Entity (\u201cWFOE\u201d), Ceres Engineering Consulting (Shanghai) Co Ltd in Shanghai, China. The company is a 100% owned subsidiary of Ceres Power Ltd. The principal activity of the company is to provide business development and technical support to our business and partners in China. On 11 November 2021 Ceres Power Intermediate Holdings Ltd acquired an 8.4% shareholding in RFC Power Ltd in exchange for consultancy services performed. RFC Power specialises in developing novel flow battery chemistries for energy storage systems. The shareholding was treated as an investment in associate as the Group determined that the transaction gave the Group significant influence over RFC Power, provided primarily by the share of equity capital and representation on the RFC Power Board. The Group recognised an investment in associate of \u00a30.5m accordingly. At the same time, the Group signed an option agreement providing Ceres with the option to acquire the balance of the outstanding share capital for up to \u00a325m, payable in Ceres shares, exercisable from July to November 2022. On 6 December 2022, the Group signed revised equity and option agreements with RFC Power to: (i) increase the Group\u2019s shareholding in RFC Power to 24.2% in return for a payment of \u00a31m cash made on 6 December 2022 and for the provision of further consultancy services commencing in December 2022 through to mid-2024 for a value of \u00a31m; and (ii) defer the exercisable period whereby Ceres has the option to acquire all the remaining share capital of RFC Power from between May 2022 and November 2022, to between 1 January 2024 and 30 April 2024 but at the same exercise price. The contribution of \u00a32m was treated as an additional cost of investment in the associate, increasing the cost of the investment to \u00a32.5m at 31 December 2022. The value of the option at year end was determined to be \u00a3nil (31 December 2022: \u00a3nil). In February 2024 the Group has terminated its option to acquire the remainder of RFC Power\u2019s shares. The Group continues to hold the 24.2% investment as an associate. The Group has recognised its share of RFC Power\u2019s loss for the year ended 31 December 2023 of \u00a3110,000 (31 December 2022: \u00a340,000). The results of Ceres Power Ltd, Ceres Intellectual Property Company Ltd, Ceres Power Intermediate Holdings Ltd, Ceres Holdings International Ltd, Ceres Engineering Consulting (Shanghai) Co Ltd and Ceres Power Licence Company Ltd are included within these consolidated financial statements. The Group\u2019s share of the results of RFC Power Ltd are included within these consolidated financial statements by applying the equity method of accounting, as set out in Note 1. The Group\u2019s share of RFC\u2019s results since acquiring the shareholding is not material and has therefore not been disclosed separately. On 15 August 2022, the Group established a new international holding company, Ceres Holdings International Ltd. This company is a 100% owned subsidiary of Ceres Power Intermediate Holdings Ltd and is currently dormant. 17. Cash, cash equivalents and investments Cash and cash equivalents Cash and cash equivalents includes cash at bank and in hand, pooled money market funds and short-term deposits with an original maturity of less than or equal to one month. Short-term investments Short-term investments include bank deposits with an original maturity greater than one month and a maturity as at the date of the Consolidated Statement of Financial Position of less than or equal to 12 months.
31 Dec 2022
31 Dec 2023 \u00a3\u2019000
\u00a3\u2019000
Restated
1
Cash at bank and in hand
7,063
16,312
Money market funds
42,644
55,472
Cash and cash equivalents
49,707
71,784
Short-term bank deposits greater than one month and less than 12 months
90,249
110,536
139,956
182,320
The Group holds surplus funds in accordance with the treasury policy, as set out in Note 20.
31 Dec 2022
Interest 31 Dec 2023 \u00a3\u2019000
rate type \u00a3\u2019000
Restated
1
Interest rate risk profile of the Group\u2019s financial assets:
Cash at bank and in hand
Floating
7,063
16,312
Money market funds
Floating
42,644
55,472
Short-term bank deposits greater than one month and less than or
equal to 12 months
Floating
20,000
20,000
Short-term bank deposits greater than one month and less than or
equal to 12 months
Fixed
70,249
90,536
139,956
182,320
1. The adjustment in respect of 2022 is described in Note 1. During the year ended 31 December 2023 the fixed rate short-term bank deposits were primarily designated in pounds sterling, had remaining terms of between 3 days and 5 months (31 December 2022: 18 days and 10 months) and earned interest of between 2.30% and 5.94% (31 December 2022: 1.23% and 5.15%). Also included in short-term bank deposits was a deposit of CNH71m (c.\u00a38m) on a rolling monthly term earning interest of approximately 2.3% (31 December 2022: CNH68m (c.\u00a38m) at 1.4%). The credit quality of financial assets has been assessed by reference to external credit ratings.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "13. Subsidiary undertakings and associates Details of the Group\u2019s subsidiaries and associates at 31 December 2023 are as follows:
Proportion of
nominal value
of shares held
Country of Description of by the
Name of undertaking incorporation shares held
Company
Type of entity
Ceres Power Ltd
England and Wales
\u00a30.001 ordinary shares
100%
1
Subsidiary
Ceres Intellectual Property Company Ltd
England and Wales
\u00a31.00 ordinary shares
100%
1
Subsidiary
Ceres Power Intermediate Holdings Ltd
England and Wales
\u00a30.01 ordinary shares
100%
Subsidiary
Ceres Power Licence Company Ltd
England and Wales
\u00a31.00 ordinary shares
100%
1
Subsidiary
Ceres Holdings International Ltd
England and Wales
\u00a31.00 ordinary shares
100%
1
Subsidiary
Ceres Engineering Consulting (Shanghai) Co Ltd
Shanghai, China
\u00a31.00 ordinary shares
100%
2
Subsidiary
RFC Power Ltd
England and Wales
\u00a30.001 ordinary shares
24.2%
3
Associate
1 1. Ceres Power Ltd, Ceres Intellectual Property Company Ltd, Ceres Holdings International Ltd and Ceres Power Licence Company Ltd are 100% held directly by Ceres Power Intermediate Holdings Ltd. Registered address is Viking House, Foundry Lane, Horsham, West Sussex, RH13 5PX. 2. 100% held directly by Ceres Power Ltd. Registered address is Office 1903i, Floor 19/F, Tower B, No.1065 West Zhongshan Road, Changning District, Shanghai, China. 3. 24.2% held directly by Ceres Power Intermediate Holdings Ltd. Registered address is Windsor House, Cornwall Road, Harrogate, HG1 2PW. The principal activity of Ceres Power Ltd is the commercialisation and continued development of the Group\u2019s fuel cell and electrochemical technology. The principal activity of Ceres Intellectual Property Company Ltd is the administration of registered intellectual property developed within the Group. The principal activity of Ceres Power Intermediate Holdings Ltd is as a holding company to the other Group companies and to manage the Group\u2019s cash, cash equivalents and investments. The principal activity of Ceres Power Licence Company Ltd is the provision of overseas licence and royalty services. On 23 August 2021, the Group established a Wholly Foreign Owned Entity (\u201cWFOE\u201d), Ceres Engineering Consulting (Shanghai) Co Ltd in Shanghai, China. The company is a 100% owned subsidiary of Ceres Power Ltd. The principal activity of the company is to provide business development and technical support to our business and partners in China. On 11 November 2021 Ceres Power Intermediate Holdings Ltd acquired an 8.4% shareholding in RFC Power Ltd in exchange for consultancy services performed. RFC Power specialises in developing novel flow battery chemistries for energy storage systems. The shareholding was treated as an investment in associate as the Group determined that the transaction gave the Group significant influence over RFC Power, provided primarily by the share of equity capital and representation on the RFC Power Board. The Group recognised an investment in associate of \u00a30.5m accordingly. At the same time, the Group signed an option agreement providing Ceres with the option to acquire the balance of the outstanding share capital for up to \u00a325m, payable in Ceres shares, exercisable from July to November 2022. On 6 December 2022, the Group signed revised equity and option agreements with RFC Power to: (i) increase the Group\u2019s shareholding in RFC Power to 24.2% in return for a payment of \u00a31m cash made on 6 December 2022 and for the provision of further consultancy services commencing in December 2022 through to mid-2024 for a value of \u00a31m; and (ii) defer the exercisable period whereby Ceres has the option to acquire all the remaining share capital of RFC Power from between May 2022 and November 2022, to between 1 January 2024 and 30 April 2024 but at the same exercise price. The contribution of \u00a32m was treated as an additional cost of investment in the associate, increasing the cost of the investment to \u00a32.5m at 31 December 2022. The value of the option at year end was determined to be \u00a3nil (31 December 2022: \u00a3nil). In February 2024 the Group has terminated its option to acquire the remainder of RFC Power\u2019s shares. The Group continues to hold the 24.2% investment as an associate. The Group has recognised its share of RFC Power\u2019s loss for the year ended 31 December 2023 of \u00a3110,000 (31 December 2022: \u00a340,000). The results of Ceres Power Ltd, Ceres Intellectual Property Company Ltd, Ceres Power Intermediate Holdings Ltd, Ceres Holdings International Ltd, Ceres Engineering Consulting (Shanghai) Co Ltd and Ceres Power Licence Company Ltd are included within these consolidated financial statements. The Group\u2019s share of the results of RFC Power Ltd are included within these consolidated financial statements by applying the equity method of accounting, as set out in Note 1. The Group\u2019s share of RFC\u2019s results since acquiring the shareholding is not material and has therefore not been disclosed separately. On 15 August 2022, the Group established a new international holding company, Ceres Holdings International Ltd. This company is a 100% owned subsidiary of Ceres Power Intermediate Holdings Ltd and is currently dormant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "value": "13. Subsidiary undertakings and associates Details of the Group\u2019s subsidiaries and associates at 31 December 2023 are as follows:
Proportion of
nominal value
of shares held
Country of Description of by the
Name of undertaking incorporation shares held
Company
Type of entity
Ceres Power Ltd
England and Wales
\u00a30.001 ordinary shares
100%
1
Subsidiary
Ceres Intellectual Property Company Ltd
England and Wales
\u00a31.00 ordinary shares
100%
1
Subsidiary
Ceres Power Intermediate Holdings Ltd
England and Wales
\u00a30.01 ordinary shares
100%
Subsidiary
Ceres Power Licence Company Ltd
England and Wales
\u00a31.00 ordinary shares
100%
1
Subsidiary
Ceres Holdings International Ltd
England and Wales
\u00a31.00 ordinary shares
100%
1
Subsidiary
Ceres Engineering Consulting (Shanghai) Co Ltd
Shanghai, China
\u00a31.00 ordinary shares
100%
2
Subsidiary
RFC Power Ltd
England and Wales
\u00a30.001 ordinary shares
24.2%
3
Associate
1 1. Ceres Power Ltd, Ceres Intellectual Property Company Ltd, Ceres Holdings International Ltd and Ceres Power Licence Company Ltd are 100% held directly by Ceres Power Intermediate Holdings Ltd. Registered address is Viking House, Foundry Lane, Horsham, West Sussex, RH13 5PX. 2. 100% held directly by Ceres Power Ltd. Registered address is Office 1903i, Floor 19/F, Tower B, No.1065 West Zhongshan Road, Changning District, Shanghai, China. 3. 24.2% held directly by Ceres Power Intermediate Holdings Ltd. Registered address is Windsor House, Cornwall Road, Harrogate, HG1 2PW. The principal activity of Ceres Power Ltd is the commercialisation and continued development of the Group\u2019s fuel cell and electrochemical technology. The principal activity of Ceres Intellectual Property Company Ltd is the administration of registered intellectual property developed within the Group. The principal activity of Ceres Power Intermediate Holdings Ltd is as a holding company to the other Group companies and to manage the Group\u2019s cash, cash equivalents and investments. The principal activity of Ceres Power Licence Company Ltd is the provision of overseas licence and royalty services. On 23 August 2021, the Group established a Wholly Foreign Owned Entity (\u201cWFOE\u201d), Ceres Engineering Consulting (Shanghai) Co Ltd in Shanghai, China. The company is a 100% owned subsidiary of Ceres Power Ltd. The principal activity of the company is to provide business development and technical support to our business and partners in China. On 11 November 2021 Ceres Power Intermediate Holdings Ltd acquired an 8.4% shareholding in RFC Power Ltd in exchange for consultancy services performed. RFC Power specialises in developing novel flow battery chemistries for energy storage systems. The shareholding was treated as an investment in associate as the Group determined that the transaction gave the Group significant influence over RFC Power, provided primarily by the share of equity capital and representation on the RFC Power Board. The Group recognised an investment in associate of \u00a30.5m accordingly. At the same time, the Group signed an option agreement providing Ceres with the option to acquire the balance of the outstanding share capital for up to \u00a325m, payable in Ceres shares, exercisable from July to November 2022. On 6 December 2022, the Group signed revised equity and option agreements with RFC Power to: (i) increase the Group\u2019s shareholding in RFC Power to 24.2% in return for a payment of \u00a31m cash made on 6 December 2022 and for the provision of further consultancy services commencing in December 2022 through to mid-2024 for a value of \u00a31m; and (ii) defer the exercisable period whereby Ceres has the option to acquire all the remaining share capital of RFC Power from between May 2022 and November 2022, to between 1 January 2024 and 30 April 2024 but at the same exercise price. The contribution of \u00a32m was treated as an additional cost of investment in the associate, increasing the cost of the investment to \u00a32.5m at 31 December 2022. The value of the option at year end was determined to be \u00a3nil (31 December 2022: \u00a3nil). In February 2024 the Group has terminated its option to acquire the remainder of RFC Power\u2019s shares. The Group continues to hold the 24.2% investment as an associate. The Group has recognised its share of RFC Power\u2019s loss for the year ended 31 December 2023 of \u00a3110,000 (31 December 2022: \u00a340,000). The results of Ceres Power Ltd, Ceres Intellectual Property Company Ltd, Ceres Power Intermediate Holdings Ltd, Ceres Holdings International Ltd, Ceres Engineering Consulting (Shanghai) Co Ltd and Ceres Power Licence Company Ltd are included within these consolidated financial statements. The Group\u2019s share of the results of RFC Power Ltd are included within these consolidated financial statements by applying the equity method of accounting, as set out in Note 1. The Group\u2019s share of RFC\u2019s results since acquiring the shareholding is not material and has therefore not been disclosed separately. On 15 August 2022, the Group established a new international holding company, Ceres Holdings International Ltd. This company is a 100% owned subsidiary of Ceres Power Intermediate Holdings Ltd and is currently dormant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-352": { "value": "
14. Inventories
Inventories consist of raw materials, work in progress and finished goods .
Inventories are stated at the lower of cost and net realisable value. Cost comprises direct material cost and, where applicable,
direct labour costs and direct overheads that have been incurred. Cost is calculated using the first-in, first-out (\u201cFIFO\u201d) method.
Net realisable value represents the estimated selling price less all estimated costs to completion and selling costs to be incurred.
31 Dec 2023 31 Dec 2022
\u00a3\u2019000 \u00a3\u2019000
Current:
Raw materials
1,648
1,566
Work in progress
787
1,477
Finished goods
390
2,671
2,825
5,714
During the year ended 31 December 2023, inventories of \u00a34.6m (31 December 2022: \u00a35.0m) were recognised as an expense
and were included within cost of sales. As at 31 December 2023, no provision was recognised (2022: \u00a30.7m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "14. Inventories Inventories consist of raw materials, work in progress and finished goods . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-326": { "value": "
15. Trade and other receivables
Trade receivables are recognised initially at transaction price and subsequently held at amortised cost using the effective
interest method, less loss allowances. Loss allowances are calculated using the simplified approach to determine expected credit
losses, taking into account both historical payment profiles and any credit losses experienced, together with forward-looking
macroeconomic factors. The carrying amount of these balances approximates to fair value due to the short maturity of amounts
receivable. Payment terms generally range between 30 and 60 days depending on the customer.
Although the Group\u2019s past experience of significant credit losses on these assets has been negligible, the impairment assessment
performed by the Group considers both past experience and future expectations of credit losses. As a result of this assessment,
the Group considers the risk of expected credit losses on trade receivables and contract assets to be immaterial. Further details
on this assessment are provided in Note 20.
31 Dec 2023 31 Dec 2022
\u00a3\u2019000 \u00a3\u2019000
Current:
Trade receivables
3,422
11,825
VAT receivable
2,273
1,853
RDEC receivable
4,008
3,032
Other receivables
172
443
9,876
17,153
Non-current:
Other receivables
741
741
Non-current other receivables comprise rent deposit guarantees held by landlords in respect of the Group\u2019s leased properties.
There is no material difference between the fair value of trade and other receivables and their carrying values and they are not
materially overdue at the year-end. There are no expected credit losses recognised during the year ended 31 December 2023
(31 December 2022: \u00a3nil). The carrying amounts of the Group\u2019s trade and other receivables are primarily denominated in pounds
sterling, euros and US dollars (as set out in Note 20).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "15. Trade and other receivables Trade receivables are recognised initially at transaction price and subsequently held at amortised cost using the effective interest method, less loss allowances. Loss allowances are calculated using the simplified approach to determine expected credit losses, taking into account both historical payment profiles and any credit losses experienced, together with forward-looking macroeconomic factors. The carrying amount of these balances approximates to fair value due to the short maturity of amounts receivable. Payment terms generally range between 30 and 60 days depending on the customer. Although the Group\u2019s past experience of significant credit losses on these assets has been negligible, the impairment assessment performed by the Group considers both past experience and future expectations of credit losses. As a result of this assessment, the Group considers the risk of expected credit losses on trade receivables and contract assets to be immaterial. Further details on this assessment are provided in Note 20. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "15. Trade and other receivables Trade receivables are recognised initially at transaction price and subsequently held at amortised cost using the effective interest method, less loss allowances. Loss allowances are calculated using the simplified approach to determine expected credit losses, taking into account both historical payment profiles and any credit losses experienced, together with forward-looking macroeconomic factors. The carrying amount of these balances approximates to fair value due to the short maturity of amounts receivable. Payment terms generally range between 30 and 60 days depending on the customer. Although the Group\u2019s past experience of significant credit losses on these assets has been negligible, the impairment assessment performed by the Group considers both past experience and future expectations of credit losses. As a result of this assessment, the Group considers the risk of expected credit losses on trade receivables and contract assets to be immaterial. Further details on this assessment are provided in Note 20.
31 Dec 2023 31 Dec 2022
\u00a3\u2019000 \u00a3\u2019000
Current:
Trade receivables
3,422
11,825
VAT receivable
2,273
1,853
RDEC receivable
4,008
3,032
Other receivables
172
443
9,876
17,153
Non-current:
Other receivables
741
741
Non-current other receivables comprise rent deposit guarantees held by landlords in respect of the Group\u2019s leased properties. There is no material difference between the fair value of trade and other receivables and their carrying values and they are not materially overdue at the year-end. There are no expected credit losses recognised during the year ended 31 December 2023 (31 December 2022: \u00a3nil). The carrying amounts of the Group\u2019s trade and other receivables are primarily denominated in pounds sterling, euros and US dollars (as set out in Note 20). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "value": "15. Trade and other receivables Trade receivables are recognised initially at transaction price and subsequently held at amortised cost using the effective interest method, less loss allowances. Loss allowances are calculated using the simplified approach to determine expected credit losses, taking into account both historical payment profiles and any credit losses experienced, together with forward-looking macroeconomic factors. The carrying amount of these balances approximates to fair value due to the short maturity of amounts receivable. Payment terms generally range between 30 and 60 days depending on the customer. Although the Group\u2019s past experience of significant credit losses on these assets has been negligible, the impairment assessment performed by the Group considers both past experience and future expectations of credit losses. As a result of this assessment, the Group considers the risk of expected credit losses on trade receivables and contract assets to be immaterial. Further details on this assessment are provided in Note 20.
31 Dec 2023 31 Dec 2022
\u00a3\u2019000 \u00a3\u2019000
Current:
Trade receivables
3,422
11,825
VAT receivable
2,273
1,853
RDEC receivable
4,008
3,032
Other receivables
172
443
9,876
17,153
Non-current:
Other receivables
741
741
Non-current other receivables comprise rent deposit guarantees held by landlords in respect of the Group\u2019s leased properties. There is no material difference between the fair value of trade and other receivables and their carrying values and they are not materially overdue at the year-end. There are no expected credit losses recognised during the year ended 31 December 2023 (31 December 2022: \u00a3nil). The carrying amounts of the Group\u2019s trade and other receivables are primarily denominated in pounds sterling, euros and US dollars (as set out in Note 20). 16. Other current assets
31 Dec 2023 31 Dec 2022
\u00a3\u2019000 \u00a3\u2019000
Current:
Prepayments
1,193
869
Accrued other income
\u2014
88
1,193
957
No accrued other income was recognised in the year to 31 December 2023, previously this related to consideration for work completed on grant-funded contracts but not billed at the reporting date. The accrued other income is transferred to other receivables when the rights become unconditional.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-327": { "value": "
16. Other current assets
31 Dec 2023 31 Dec 2022
\u00a3\u2019000 \u00a3\u2019000
Current:
Prepayments
1,193
869
Accrued other income
\u2014
88
1,193
957
No accrued other income was recognised in the year to 31 December 2023, previously this related to consideration for work
completed on grant-funded contracts but not billed at the reporting date. The accrued other income is transferred to other
receivables when the rights become unconditional.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-328": { "value": "
17. Cash, cash equivalents and investments
Cash and cash equivalents
Cash and cash equivalents includes cash at bank and in hand, pooled money market funds and short-term deposits with an original
maturity of less than or equal to one month.
Short-term investments
Short-term investments include bank deposits with an original maturity greater than one month and a maturity as at the date
of the Consolidated Statement of Financial Position of less than or equal to 12 months.
31 Dec 2022
31 Dec 2023 \u00a3\u2019000
\u00a3\u2019000
Restated
1
Cash at bank and in hand
7,063
16,312
Money market funds
42,644
55,472
Cash and cash equivalents
49,707
71,784
Short-term bank deposits greater than one month and less than 12 months
90,249
110,536
139,956
182,320
The Group holds surplus funds in accordance with the treasury policy, as set out in Note 20.
31 Dec 2022
Interest 31 Dec 2023 \u00a3\u2019000
rate type \u00a3\u2019000
Restated
1
Interest rate risk profile of the Group\u2019s financial assets:
Cash at bank and in hand
Floating
7,063
16,312
Money market funds
Floating
42,644
55,472
Short-term bank deposits greater than one month and less than or
equal to 12 months
Floating
20,000
20,000
Short-term bank deposits greater than one month and less than or
equal to 12 months
Fixed
70,249
90,536
139,956
182,320
1. The adjustment in respect of 2022 is described in Note 1. During the year ended 31 December 2023 the fixed rate short-term bank deposits were primarily designated in pounds sterling, had remaining terms of between 3 days and 5 months (31 December 2022: 18 days and 10 months) and earned interest of between 2.30% and 5.94% (31 December 2022: 1.23% and 5.15%). Also included in short-term bank deposits was a deposit of CNH71m (c.\u00a38m) on a rolling monthly term earning interest of approximately 2.3% (31 December 2022: CNH68m (c.\u00a38m) at 1.4%). The credit quality of financial assets has been assessed by reference to external credit ratings", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "17. Cash, cash equivalents and investments Cash and cash equivalents Cash and cash equivalents includes cash at bank and in hand, pooled money market funds and short-term deposits with an original maturity of less than or equal to one month. Short-term investments Short-term investments include bank deposits with an original maturity greater than one month and a maturity as at the date of the Consolidated Statement of Financial Position of less than or equal to 12 months.
31 Dec 2022
31 Dec 2023 \u00a3\u2019000
\u00a3\u2019000
Restated
1
Cash at bank and in hand
7,063
16,312
Money market funds
42,644
55,472
Cash and cash equivalents
49,707
71,784
Short-term bank deposits greater than one month and less than 12 months
90,249
110,536
139,956
182,320
The Group holds surplus funds in accordance with the treasury policy, as set out in Note 20.
31 Dec 2022
Interest 31 Dec 2023 \u00a3\u2019000
rate type \u00a3\u2019000
Restated
1
Interest rate risk profile of the Group\u2019s financial assets:
Cash at bank and in hand
Floating
7,063
16,312
Money market funds
Floating
42,644
55,472
Short-term bank deposits greater than one month and less than or
equal to 12 months
Floating
20,000
20,000
Short-term bank deposits greater than one month and less than or
equal to 12 months
Fixed
70,249
90,536
139,956
182,320
1. The adjustment in respect of 2022 is described in Note 1. During the year ended 31 December 2023 the fixed rate short-term bank deposits were primarily designated in pounds sterling, had remaining terms of between 3 days and 5 months (31 December 2022: 18 days and 10 months) and earned interest of between 2.30% and 5.94% (31 December 2022: 1.23% and 5.15%). Also included in short-term bank deposits was a deposit of CNH71m (c.\u00a38m) on a rolling monthly term earning interest of approximately 2.3% (31 December 2022: CNH68m (c.\u00a38m) at 1.4%). The credit quality of financial assets has been assessed by reference to external credit ratings.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "value": "17. Cash, cash equivalents and investments Cash and cash equivalents Cash and cash equivalents includes cash at bank and in hand, pooled money market funds and short-term deposits with an original maturity of less than or equal to one month. Short-term investments Short-term investments include bank deposits with an original maturity greater than one month and a maturity as at the date of the Consolidated Statement of Financial Position of less than or equal to 12 months.
31 Dec 2022
31 Dec 2023 \u00a3\u2019000
\u00a3\u2019000
Restated
1
Cash at bank and in hand
7,063
16,312
Money market funds
42,644
55,472
Cash and cash equivalents
49,707
71,784
Short-term bank deposits greater than one month and less than 12 months
90,249
110,536
139,956
182,320
The Group holds surplus funds in accordance with the treasury policy, as set out in Note 20.
31 Dec 2022
Interest 31 Dec 2023 \u00a3\u2019000
rate type \u00a3\u2019000
Restated
1
Interest rate risk profile of the Group\u2019s financial assets:
Cash at bank and in hand
Floating
7,063
16,312
Money market funds
Floating
42,644
55,472
Short-term bank deposits greater than one month and less than or
equal to 12 months
Floating
20,000
20,000
Short-term bank deposits greater than one month and less than or
equal to 12 months
Fixed
70,249
90,536
139,956
182,320
1. The adjustment in respect of 2022 is described in Note 1.
During the year ended 31 December 2023 the fixed rate short-term bank deposits were primarily designated in pounds sterling,
had remaining terms of between 3 days and 5 months (31 December 2022: 18 days and 10 months) and earned interest of
between 2.30% and 5.94% (31 December 2022: 1.23% and 5.15%). Also included in short-term bank deposits was a deposit of
CNH71m (c.\u00a38m) on a rolling monthly term earning interest of approximately 2.3% (31 December 2022: CNH68m (c.\u00a38m) at 1.4%).
The credit quality of financial assets has been assessed by reference to external credit ratings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "Cash and cash equivalents Cash and cash equivalents includes cash at bank and in hand, pooled money market funds and short-term deposits with an original maturity of less than or equal to one month. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-329": { "value": "
18. Trade and other payables
Trade and other payables are initially recognised at fair value, which is typically the invoiced amount and then held at amortised
cost. Other payables include taxes and social security amounts due on behalf of the Group\u2019s employees.
31 Dec 2023 31 Dec 2022
\u00a3\u2019000 \u00a3\u2019000
Current:
Trade payables
3,624
4,795
Other payables
1,359
138
4,983
4,933
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "18. Trade and other payables Trade and other payables are initially recognised at fair value, which is typically the invoiced amount and then held at amortised cost. Other payables include taxes and social security amounts due on behalf of the Group\u2019s employees. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "value": "18. Trade and other payables Trade and other payables are initially recognised at fair value, which is typically the invoiced amount and then held at amortised cost. Other payables include taxes and social security amounts due on behalf of the Group\u2019s employees.
31 Dec 2023 31 Dec 2022
\u00a3\u2019000 \u00a3\u2019000
Current:
Trade payables
3,624
4,795
Other payables
1,359
138
4,983
4,933
19. Other liabilities
31 Dec 2022 31 Dec 2021
31 Dec 2023 \u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
Restated
1
Restated
1
Current:
Accruals
5,933
6,032
4,803
Deferred income
368
243
244
6,301
6,275
5,047
Non-current:
Deferred income
1,360
1,011
771
1 1 1. The adjustment in respect of 2022 and 2021 is described in Note 1. Accruals include estimates of amounts owed to suppliers that have not been invoiced at the year-end, and to the Group\u2019s employees for various employee-related payments. Deferred income consists of grant income and RDEC tax credits deferred in relation to associated development costs which have been capitalised as an intangible asset. Grant income is recognised in the Consolidated Statement of Profit and Loss in the same period as the expenditure to which the grant relates.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-330": { "value": "
19. Other liabilities
31 Dec 2022 31 Dec 2021
31 Dec 2023 \u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
Restated
1
Restated
1
Current:
Accruals
5,933
6,032
4,803
Deferred income
368
243
244
6,301
6,275
5,047
Non-current:
Deferred income
1,360
1,011
771
1
1
1. The adjustment in respect of 2022 and 2021 is described in Note 1.
Accruals include estimates of amounts owed to suppliers that have not been invoiced at the year-end, and to the Group\u2019s
employees for various employee-related payments. Deferred income consists of grant income and RDEC tax credits deferred
in relation to associated development costs which have been capitalised as an intangible asset. Grant income is recognised in
the Consolidated Statement of Profit and Loss in the same period as the expenditure to which the grant relates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "value": "19. Other liabilities
31 Dec 2022 31 Dec 2021
31 Dec 2023 \u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
Restated
1
Restated
1
Current:
Accruals
5,933
6,032
4,803
Deferred income
368
243
244
6,301
6,275
5,047
Non-current:
Deferred income
1,360
1,011
771
1 1 1. The adjustment in respect of 2022 and 2021 is described in Note 1. Accruals include estimates of amounts owed to suppliers that have not been invoiced at the year-end, and to the Group\u2019s employees for various employee-related payments. Deferred income consists of grant income and RDEC tax credits deferred in relation to associated development costs which have been capitalised as an intangible asset. Grant income is recognised in the Consolidated Statement of Profit and Loss in the same period as the expenditure to which the grant relates.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-331": { "value": "
20. Financial instruments
Derivative financial instruments
The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Group uses
forward contracts, and in limited circumstances options, to hedge against foreign currency-denominated income and expenditure
commitments. The use of financial derivatives is governed by the Group\u2019s treasury policy, as approved by the Board. The Group
does not use derivative financial instruments for speculative purposes. Details of financial instruments are shown later in this note.
Derivative financial instruments are recognised at fair value. The gains or losses on re-measurement to fair value are recognised
immediately in the Consolidated Statement of Profit and Loss as they arise and are shown in Note 4.
The Group only uses derivative financial instruments to hedge foreign currency exposures which arise from an underlying current
or anticipated business requirement. The Group does not currently apply hedge accounting to any derivatives in place, and
derivatives are treated at fair value through P&L. The Group does not currently use derivative instruments to manage its interest
rate risk. The Group does not trade in financial instruments.
Fair values of financial assets and financial liabilities
There is no material difference between the fair value and the carrying value of the Group\u2019s financial assets and financial liabilities.
Carrying value approximates to fair value because of the short maturity periods of these financial instruments.
The fair value of forward exchange contracts is estimated by discounting the difference between the contractual forward price
and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds).
The fair value of currency options is estimated using the Black\u2013Scholes pricing model based on the strike price with reference
to the future exchange rate, spot rate and risk-free interest rate. Forward exchange contracts and options are included in the
Level 2 classification.
Other than the forward contracts and options noted below, none of the Group\u2019s assets and liabilities were measured at fair value
at 31 December 2023 (31 December 2022: none).
The fair values of all financial assets and financial liabilities by class, together with their carrying amounts shown in the balance
sheet, are as follows:
Carrying
Carrying amount Fair value
amount Fair value 31 Dec 2022 31 Dec 2022
Fair value 31 Dec 2023 31 Dec 2023 \u00a3\u2019000 \u00a3\u2019000
hierarchy \u00a3\u2019000 \u00a3\u2019000
Restated
1
Restated
1
Financial assets at amortised cost
Trade and other receivables
1
3,594
3,594
12,268
12,268
Cash, cash equivalents and investments
139,956
139,956
182,320
182,320
143,550
143,550
194,588
194,588
Financial assets measured at fair value through profit or loss
Forward exchange contracts
Level 2
1
1
26
26
Currency swap contract
Level 2
7
7
\u2014
\u2014
Non-deliverable forward
Level 2
\u2014
\u2014
28
28
8
8
54
54
Financial liabilities measured at amortised cost
Trade and other payables and accruals
(10,563)
(10,563)
(10,957)
(10,957)
Financial liabilities measured at fair value through profit or loss
Forward exchange contracts
Level 2
(99)
(99)
\u2014
\u2014
1. The trade and other receivables for 2022 have been restated to remove non-financial instruments. Previously trade and other receivables were \u00a314,121,000.
Capital management
The Group\u2019s capital is considered to comprise cash at bank and short-term investments as set out in Note 17. The Group\u2019s
approach to managing its capital is described in the \u201ccredit risk\u201d section below.
Financial risk management
The Group\u2019s operations expose it to a variety of financial risks that include credit risk and market risk arising from changes to
interest rates and foreign currency exchange rates. The Board reviews and agrees policies for managing each of these risks.
The principal risks addressed are as follows:
Credit risk
The Group\u2019s exposure to credit risk arises from holdings of cash, cash equivalents and investments, and if a counterparty or
customer fails to meet its contractual obligations.
The Group\u2019s primary objective to manage credit risk from its holdings of cash, cash equivalents and investments is to minimise the
risk of a loss of capital and eliminate loss of liquidity having a detrimental effect on the business. The Group places surplus funds
of no more than \u00a330m per institution into pooled money market funds with same-day access and of no more than \u00a312m per
institution for bank deposits with durations of up to 24 months. During the year the Group\u2019s treasury policy restricted investments
in short-term money market funds to those which carry short-term credit ratings of at least two of AAAm (Standard & Poor\u2019s),
Aaa-mf (Moody\u2019s) and AAAmmf (Fitch) and deposits with banks with minimum long-term rating of A-/A3/A and short-term rating
of A-2/P-2/F-1 for banks in which the UK Government holds less than 10% ordinary equity.
Trade receivables at the year-end relate to three customers (31 December 2022: three) of which \u00a3194,000 relates to the
Europe geographic region and \u00a33,228,000 to Asia (31 December 2022: \u00a3579,000 relates to the Europe geographic region
and \u00a311,246,000 to Asia).
Contract assets at the year-end related to one customer from the Europe geographic region of \u00a31,575,000 (31 December 2022:
related to three customers of which \u00a3358,000 relates to the Europe geographic region and \u00a342,000 to Asia).
The Group\u2019s customers are generally large multinational companies or research institutions and are consequentially not considered
to add significantly to the Group\u2019s credit risk exposure. All trade receivables are due within the agreed credit terms for the current
and preceding year and are consequently stated at cost.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss
allowance for all trade receivables and other contract assets (primarily unbilled work in progress).
To measure expected credit losses, trade receivables and other contract assets are analysed based on their credit risk
characteristics including days past due and the specific payment profile of the customer to determine a suitable historical loss rate.
The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors that the Group
considers could affect the ability of its customers to settle the receivables.
The Group has followed this approach as at 31 December 2023 and as a result has not recognised a loss allowance for trade
receivables or other contract assets (31 December 2022: no loss allowance). Management does not consider that a reasonably
possible change in the estimation of expected credit losses would have a material impact on the results of the following year .
Interest rate risk
Interest rate risk on the Group\u2019s liabilities is minimal.
The Group\u2019s finance income is sensitive to changes in interest rates. A change of 0.5% in interest rates on all variable rate instruments
held by the Group at 31 December 2023 would have impacted the finance income by \u00a3348,000 (31 December 2022: \u00a3416,000).
The decrease in sensitivity to interest rate changes is driven by the reduction in variable-rate cash, cash equivalents and
investments held at the balance sheet date when compared with 31 December 2022. Interest rate risk is mitigated by investing
in deposit accounts of different durations ranging from 32 days to up to 24 months and by utilising deposit accounts with fixed
interest rates.
Liquidity risk
Liquidity risk is the risk arising from the Group not being able to meet its financial obligations. The Group manages its liquidity
needs by preparing cash flow forecasts, including forecasting of the Group\u2019s liquidity requirements, to ensure the Group has
sufficient cash to meet its operational needs.
The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the effect
of netting agreements:
31 Dec 2023
31 Dec 2022
Carrying Contractual 1 year 1 to 2 2 to 5 Carrying Contractual 1 year 1 to 2 2 to 5
amount cash flows or less years years >5 years amount cash flows or less years years >5 years
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Non-derivative
financial liabilities
Trade and
other payables
and accruals
(10,563)
(10,563)
(10,563)
\u2014
\u2014
\u2014
(10,957)
(10,957)
(10,957)
\u2014
\u2014
\u2014
Lease liabilities
(2,596)
(3,038)
(887)
(883)
(1,268)
\u2014
(3,124)
(3,793)
(840)
(853)
(1,851)
(249)
Derivative
financial liabilities
Forward
exchange
contracts:
(Outflow)
(2,337)
(2,239)
(2,239)
\u2014
\u2014
\u2014
\u2014
(93)
(93)
\u2014
\u2014
\u2014
Inflow
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,907
2,000
2,000
\u2014
\u2014
\u2014
Currency
swap contracts:
(Outflow)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Inflow
1,767
1,760
1,760
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency exposures
The Group\u2019s primary transaction currency is pound sterling. Exposures to foreign currency-denominated contracted receivables
and commitments arise from the Group\u2019s overseas sales and purchases, which are primarily denominated in euros, US dollars,
Canadian dollars and Japanese yen. During the year ended 31 December 2020, the Group entered into a fixed term deposit
denominated in Chinese renminbi, to fund the expected initial investment of CNH68m (c.\u00a38m) in the proposed collaboration
with Weichai Power Co. Ltd. This deposit has been rolled forward following the ongoing discussions around the final form of the
collaboration which are expected to complete during 2024.
The Group seeks to mitigate its foreign currency exposure by entering into forward currency exchange contracts, and in limited
circumstances, currency options in accordance with the Group\u2019s treasury policy. Where the amounts to be paid and received
in a specific currency are expected to largely offset one another, no further hedging activity is undertaken. Forward currency
exchange contracts and options are primarily entered into for significant foreign currency exposures that are not expected to
be offset by other currency transactions. The Group\u2019s objectives and policies are largely unchanged in the reporting periods
under review.
During the year ended 31 December 2020, the Group entered into a non-deliverable forward (\u201cNDF\u201d) to hedge an exposure
to KRW related to a long-term customer contract. As at 31 December 2023, \u00a3nil cashflows remained under the hedge
(31 December 2022: \u00a35.0m), as they were net settled in pound sterling during 2023. Forward exchange contracts include
forward currency contracts to sell \u00a32.7m in total and buy US and Canadian dollars over the next 12 months.
The table below shows the extent to which the Group has monetary assets and liabilities in currencies other than pounds sterling.
Foreign exchange differences arising on the retranslation of these monetary assets and liabilities are taken to the Consolidated
Statement of Profit and Loss.
Canadian Japanese Chinese
Euro US dollar dollar yen renminbi Other
31 December 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Exposures to foreign currency risk:
Cash and cash equivalents
1,383
1,332
164
127
136
22
Fixed term bank deposits
\u2014
\u2014
\u2014
\u2014
7,750
\u2014
Trade and other receivables
\u2014
1
\u2014
\u2014
2
\u2014
Other current assets
\u2014
\u2014
\u2014
\u2014
24
\u2014
Trade payables and payments on account
(276)
(450)
(2)
\u2014
\u2014
(7)
Other current liabilities
\u2014
\u2014
\u2014
\u2014
(56)
\u2014
Forward currency contracts
\u2013 (outflow)/inflow
(2,000)
2,500
300
\u2014
\u2014
\u2014
Balance sheet exposure
(893)
3,383
462
127
7,856
15
Canadian Japanese Chinese
Euro US dollar dollar yen renminbi Other
31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Exposures to foreign currency risk:
Cash and cash equivalents
2,126
2,531
85
456
89
30
Fixed term bank deposits
\u2014
\u2014
\u2014
\u2014
8,475
\u2014
Trade and other receivables
27
2
\u2014
\u2014
\u2014
\u2014
Trade payables and payments on account
(516)
(178)
(4)
\u2014
\u2014
(6)
Forward currency contracts
\u2013 (outflow)/inflow
(2,000)
\u2014
61
33
\u2014
\u2014
Balance sheet exposure
(363)
2,355
142
489
8,564
24
A 10% weakening of the following currencies against pound sterling at 31 December 2023 (or 31 December 2022) would have
resulted in a profit or loss charge to the Consolidated Statement of Profit and Loss by the amounts shown below. This calculation
assumes that the change occurred at the balance sheet date and had been applied to risk exposures existing at that date.
This analysis assumes that all other variables, in particular other exchange rates and interest rates, remain constant. The analysis
is performed on the same basis for the comparative period.
Profit or (loss)
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Euro
89
36
US dollar
(338)
(235)
Canadian dollar
(46)
(14)
Japanese yen
(13)
(49)
Chinese Renminbi
(785)
(856)
Other
(1)
(2)
A 10% strengthening of the above currencies against pound sterling at 31 December 2023 (or 31 December 2022) would have
had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables
remain constant .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "20. Financial instruments Derivative financial instruments The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Group uses forward contracts, and in limited circumstances options, to hedge against foreign currency-denominated income and expenditure commitments. The use of financial derivatives is governed by the Group\u2019s treasury policy, as approved by the Board. The Group does not use derivative financial instruments for speculative purposes. Details of financial instruments are shown later in this note. Derivative financial instruments are recognised at fair value. The gains or losses on re-measurement to fair value are recognised immediately in the Consolidated Statement of Profit and Loss as they arise and are shown in Note 4. The Group only uses derivative financial instruments to hedge foreign currency exposures which arise from an underlying current or anticipated business requirement. The Group does not currently apply hedge accounting to any derivatives in place, and derivatives are treated at fair value through P&L. The Group does not currently use derivative instruments to manage its interest rate risk. The Group does not trade in financial instruments. Fair values of financial assets and financial liabilities There is no material difference between the fair value and the carrying value of the Group\u2019s financial assets and financial liabilities. Carrying value approximates to fair value because of the short maturity periods of these financial instruments. The fair value of forward exchange contracts is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds). The fair value of currency options is estimated using the Black\u2013Scholes pricing model based on the strike price with reference to the future exchange rate, spot rate and risk-free interest rate. Forward exchange contracts and options are included in the Level 2 classification. Other than the forward contracts and options noted below, none of the Group\u2019s assets and liabilities were measured at fair value at 31 December 2023 (31 December 2022: none). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "value": "Derivative financial instruments The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Group uses forward contracts, and in limited circumstances options, to hedge against foreign currency-denominated income and expenditure commitments. The use of financial derivatives is governed by the Group\u2019s treasury policy, as approved by the Board. The Group does not use derivative financial instruments for speculative purposes. Details of financial instruments are shown later in this note. Derivative financial instruments are recognised at fair value. The gains or losses on re-measurement to fair value are recognised immediately in the Consolidated Statement of Profit and Loss as they arise and are shown in Note 4. The Group only uses derivative financial instruments to hedge foreign currency exposures which arise from an underlying current or anticipated business requirement. The Group does not currently apply hedge accounting to any derivatives in place, and derivatives are treated at fair value through P&L. The Group does not currently use derivative instruments to manage its interest rate risk. The Group does not trade in financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "value": "Derivative financial instruments The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Group uses forward contracts, and in limited circumstances options, to hedge against foreign currency-denominated income and expenditure commitments. The use of financial derivatives is governed by the Group\u2019s treasury policy, as approved by the Board. The Group does not use derivative financial instruments for speculative purposes. Details of financial instruments are shown later in this note. Derivative financial instruments are recognised at fair value. The gains or losses on re-measurement to fair value are recognised immediately in the Consolidated Statement of Profit and Loss as they arise and are shown in Note 4. The Group only uses derivative financial instruments to hedge foreign currency exposures which arise from an underlying current or anticipated business requirement. The Group does not currently apply hedge accounting to any derivatives in place, and derivatives are treated at fair value through P&L. The Group does not currently use derivative instruments to manage its interest rate risk. The Group does not trade in financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "value": "Derivative financial instruments The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Group uses forward contracts, and in limited circumstances options, to hedge against foreign currency-denominated income and expenditure commitments. The use of financial derivatives is governed by the Group\u2019s treasury policy, as approved by the Board. The Group does not use derivative financial instruments for speculative purposes. Details of financial instruments are shown later in this note. Derivative financial instruments are recognised at fair value. The gains or losses on re-measurement to fair value are recognised immediately in the Consolidated Statement of Profit and Loss as they arise and are shown in Note 4. The Group only uses derivative financial instruments to hedge foreign currency exposures which arise from an underlying current or anticipated business requirement. The Group does not currently apply hedge accounting to any derivatives in place, and derivatives are treated at fair value through P&L. The Group does not currently use derivative instruments to manage its interest rate risk. The Group does not trade in financial instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "value": "Fair values of financial assets and financial liabilities There is no material difference between the fair value and the carrying value of the Group\u2019s financial assets and financial liabilities. Carrying value approximates to fair value because of the short maturity periods of these financial instruments. The fair value of forward exchange contracts is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds). The fair value of currency options is estimated using the Black\u2013Scholes pricing model based on the strike price with reference to the future exchange rate, spot rate and risk-free interest rate. Forward exchange contracts and options are included in the Level 2 classification. Other than the forward contracts and options noted below, none of the Group\u2019s assets and liabilities were measured at fair value at 31 December 2023 (31 December 2022: none). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "Fair values of financial assets and financial liabilities There is no material difference between the fair value and the carrying value of the Group\u2019s financial assets and financial liabilities. Carrying value approximates to fair value because of the short maturity periods of these financial instruments. The fair value of forward exchange contracts is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds). The fair value of currency options is estimated using the Black\u2013Scholes pricing model based on the strike price with reference to the future exchange rate, spot rate and risk-free interest rate. Forward exchange contracts and options are included in the Level 2 classification. Other than the forward contracts and options noted below, none of the Group\u2019s assets and liabilities were measured at fair value at 31 December 2023 (31 December 2022: none). The fair values of all financial assets and financial liabilities by class, together with their carrying amounts shown in the balance sheet, are as follows:
Carrying
Carrying amount Fair value
amount Fair value 31 Dec 2022 31 Dec 2022
Fair value 31 Dec 2023 31 Dec 2023 \u00a3\u2019000 \u00a3\u2019000
hierarchy \u00a3\u2019000 \u00a3\u2019000
Restated
1
Restated
1
Financial assets at amortised cost
Trade and other receivables
1
3,594
3,594
12,268
12,268
Cash, cash equivalents and investments
139,956
139,956
182,320
182,320
143,550
143,550
194,588
194,588
Financial assets measured at fair value through profit or loss
Forward exchange contracts
Level 2
1
1
26
26
Currency swap contract
Level 2
7
7
\u2014
\u2014
Non-deliverable forward
Level 2
\u2014
\u2014
28
28
8
8
54
54
Financial liabilities measured at amortised cost
Trade and other payables and accruals
(10,563)
(10,563)
(10,957)
(10,957)
Financial liabilities measured at fair value through profit or loss
Forward exchange contracts
Level 2
(99)
(99)
\u2014
\u2014
1. The trade and other receivables for 2022 have been restated to remove non-financial instruments. Previously trade and other receivables were \u00a314,121,000. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "value": "Fair values of financial assets and financial liabilities There is no material difference between the fair value and the carrying value of the Group\u2019s financial assets and financial liabilities. Carrying value approximates to fair value because of the short maturity periods of these financial instruments. The fair value of forward exchange contracts is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds). The fair value of currency options is estimated using the Black\u2013Scholes pricing model based on the strike price with reference to the future exchange rate, spot rate and risk-free interest rate. Forward exchange contracts and options are included in the Level 2 classification. Other than the forward contracts and options noted below, none of the Group\u2019s assets and liabilities were measured at fair value at 31 December 2023 (31 December 2022: none). The fair values of all financial assets and financial liabilities by class, together with their carrying amounts shown in the balance sheet, are as follows:
Carrying
Carrying amount Fair value
amount Fair value 31 Dec 2022 31 Dec 2022
Fair value 31 Dec 2023 31 Dec 2023 \u00a3\u2019000 \u00a3\u2019000
hierarchy \u00a3\u2019000 \u00a3\u2019000
Restated
1
Restated
1
Financial assets at amortised cost
Trade and other receivables
1
3,594
3,594
12,268
12,268
Cash, cash equivalents and investments
139,956
139,956
182,320
182,320
143,550
143,550
194,588
194,588
Financial assets measured at fair value through profit or loss
Forward exchange contracts
Level 2
1
1
26
26
Currency swap contract
Level 2
7
7
\u2014
\u2014
Non-deliverable forward
Level 2
\u2014
\u2014
28
28
8
8
54
54
Financial liabilities measured at amortised cost
Trade and other payables and accruals
(10,563)
(10,563)
(10,957)
(10,957)
Financial liabilities measured at fair value through profit or loss
Forward exchange contracts
Level 2
(99)
(99)
\u2014
\u2014
1. The trade and other receivables for 2022 have been restated to remove non-financial instruments. Previously trade and other receivables were \u00a314,121,000. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "Capital management The Group\u2019s capital is considered to comprise cash at bank and short-term investments as set out in Note 17. The Group\u2019s approach to managing its capital is described in the \u201ccredit risk\u201d section below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "value": "Capital management The Group\u2019s capital is considered to comprise cash at bank and short-term investments as set out in Note 17. The Group\u2019s approach to managing its capital is described in the \u201ccredit risk\u201d section below. Financial risk management The Group\u2019s operations expose it to a variety of financial risks that include credit risk and market risk arising from changes to interest rates and foreign currency exchange rates. The Board reviews and agrees policies for managing each of these risks. The principal risks addressed are as follows: Credit risk The Group\u2019s exposure to credit risk arises from holdings of cash, cash equivalents and investments, and if a counterparty or customer fails to meet its contractual obligations. The Group\u2019s primary objective to manage credit risk from its holdings of cash, cash equivalents and investments is to minimise the risk of a loss of capital and eliminate loss of liquidity having a detrimental effect on the business. The Group places surplus funds of no more than \u00a330m per institution into pooled money market funds with same-day access and of no more than \u00a312m per institution for bank deposits with durations of up to 24 months. During the year the Group\u2019s treasury policy restricted investments in short-term money market funds to those which carry short-term credit ratings of at least two of AAAm (Standard & Poor\u2019s), Aaa-mf (Moody\u2019s) and AAAmmf (Fitch) and deposits with banks with minimum long-term rating of A-/A3/A and short-term rating of A-2/P-2/F-1 for banks in which the UK Government holds less than 10% ordinary equity. Trade receivables at the year-end relate to three customers (31 December 2022: three) of which \u00a3194,000 relates to the Europe geographic region and \u00a33,228,000 to Asia (31 December 2022: \u00a3579,000 relates to the Europe geographic region and \u00a311,246,000 to Asia). Contract assets at the year-end related to one customer from the Europe geographic region of \u00a31,575,000 (31 December 2022: related to three customers of which \u00a3358,000 relates to the Europe geographic region and \u00a342,000 to Asia). The Group\u2019s customers are generally large multinational companies or research institutions and are consequentially not considered to add significantly to the Group\u2019s credit risk exposure. All trade receivables are due within the agreed credit terms for the current and preceding year and are consequently stated at cost. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and other contract assets (primarily unbilled work in progress). To measure expected credit losses, trade receivables and other contract assets are analysed based on their credit risk characteristics including days past due and the specific payment profile of the customer to determine a suitable historical loss rate. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors that the Group considers could affect the ability of its customers to settle the receivables. The Group has followed this approach as at 31 December 2023 and as a result has not recognised a loss allowance for trade receivables or other contract assets (31 December 2022: no loss allowance). Management does not consider that a reasonably possible change in the estimation of expected credit losses would have a material impact on the results of the following year . Interest rate risk Interest rate risk on the Group\u2019s liabilities is minimal. The Group\u2019s finance income is sensitive to changes in interest rates. A change of 0.5% in interest rates on all variable rate instruments held by the Group at 31 December 2023 would have impacted the finance income by \u00a3348,000 (31 December 2022: \u00a3416,000). The decrease in sensitivity to interest rate changes is driven by the reduction in variable-rate cash, cash equivalents and investments held at the balance sheet date when compared with 31 December 2022. Interest rate risk is mitigated by investing in deposit accounts of different durations ranging from 32 days to up to 24 months and by utilising deposit accounts with fixed interest rates. Liquidity risk Liquidity risk is the risk arising from the Group not being able to meet its financial obligations. The Group manages its liquidity needs by preparing cash flow forecasts, including forecasting of the Group\u2019s liquidity requirements, to ensure the Group has sufficient cash to meet its operational needs. The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the effect of netting agreements:
31 Dec 2023
31 Dec 2022
Carrying Contractual 1 year 1 to 2 2 to 5 Carrying Contractual 1 year 1 to 2 2 to 5
amount cash flows or less years years >5 years amount cash flows or less years years >5 years
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Non-derivative
financial liabilities
Trade and
other payables
and accruals
(10,563)
(10,563)
(10,563)
\u2014
\u2014
\u2014
(10,957)
(10,957)
(10,957)
\u2014
\u2014
\u2014
Lease liabilities
(2,596)
(3,038)
(887)
(883)
(1,268)
\u2014
(3,124)
(3,793)
(840)
(853)
(1,851)
(249)
Derivative
financial liabilities
Forward
exchange
contracts:
(Outflow)
(2,337)
(2,239)
(2,239)
\u2014
\u2014
\u2014
\u2014
(93)
(93)
\u2014
\u2014
\u2014
Inflow
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,907
2,000
2,000
\u2014
\u2014
\u2014
Currency
swap contracts:
(Outflow)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Inflow
1,767
1,760
1,760
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency exposures The Group\u2019s primary transaction currency is pound sterling. Exposures to foreign currency-denominated contracted receivables and commitments arise from the Group\u2019s overseas sales and purchases, which are primarily denominated in euros, US dollars, Canadian dollars and Japanese yen. During the year ended 31 December 2020, the Group entered into a fixed term deposit denominated in Chinese renminbi, to fund the expected initial investment of CNH68m (c.\u00a38m) in the proposed collaboration with Weichai Power Co. Ltd. This deposit has been rolled forward following the ongoing discussions around the final form of the collaboration which are expected to complete during 2024. The Group seeks to mitigate its foreign currency exposure by entering into forward currency exchange contracts, and in limited circumstances, currency options in accordance with the Group\u2019s treasury policy. Where the amounts to be paid and received in a specific currency are expected to largely offset one another, no further hedging activity is undertaken. Forward currency exchange contracts and options are primarily entered into for significant foreign currency exposures that are not expected to be offset by other currency transactions. The Group\u2019s objectives and policies are largely unchanged in the reporting periods under review. During the year ended 31 December 2020, the Group entered into a non-deliverable forward (\u201cNDF\u201d) to hedge an exposure to KRW related to a long-term customer contract. As at 31 December 2023, \u00a3nil cashflows remained under the hedge (31 December 2022: \u00a35.0m), as they were net settled in pound sterling during 2023. Forward exchange contracts include forward currency contracts to sell \u00a32.7m in total and buy US and Canadian dollars over the next 12 months. The table below shows the extent to which the Group has monetary assets and liabilities in currencies other than pounds sterling. Foreign exchange differences arising on the retranslation of these monetary assets and liabilities are taken to the Consolidated Statement of Profit and Loss.
Canadian Japanese Chinese
Euro US dollar dollar yen renminbi Other
31 December 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Exposures to foreign currency risk:
Cash and cash equivalents
1,383
1,332
164
127
136
22
Fixed term bank deposits
\u2014
\u2014
\u2014
\u2014
7,750
\u2014
Trade and other receivables
\u2014
1
\u2014
\u2014
2
\u2014
Other current assets
\u2014
\u2014
\u2014
\u2014
24
\u2014
Trade payables and payments on account
(276)
(450)
(2)
\u2014
\u2014
(7)
Other current liabilities
\u2014
\u2014
\u2014
\u2014
(56)
\u2014
Forward currency contracts
\u2013 (outflow)/inflow
(2,000)
2,500
300
\u2014
\u2014
\u2014
Balance sheet exposure
(893)
3,383
462
127
7,856
15
Canadian Japanese Chinese
Euro US dollar dollar yen renminbi Other
31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Exposures to foreign currency risk:
Cash and cash equivalents
2,126
2,531
85
456
89
30
Fixed term bank deposits
\u2014
\u2014
\u2014
\u2014
8,475
\u2014
Trade and other receivables
27
2
\u2014
\u2014
\u2014
\u2014
Trade payables and payments on account
(516)
(178)
(4)
\u2014
\u2014
(6)
Forward currency contracts
\u2013 (outflow)/inflow
(2,000)
\u2014
61
33
\u2014
\u2014
Balance sheet exposure
(363)
2,355
142
489
8,564
24
A 10% weakening of the following currencies against pound sterling at 31 December 2023 (or 31 December 2022) would have resulted in a profit or loss charge to the Consolidated Statement of Profit and Loss by the amounts shown below. This calculation assumes that the change occurred at the balance sheet date and had been applied to risk exposures existing at that date. This analysis assumes that all other variables, in particular other exchange rates and interest rates, remain constant. The analysis is performed on the same basis for the comparative period.
Profit or (loss)
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Euro
89
36
US dollar
(338)
(235)
Canadian dollar
(46)
(14)
Japanese yen
(13)
(49)
Chinese Renminbi
(785)
(856)
Other
(1)
(2)
A 10% strengthening of the above currencies against pound sterling at 31 December 2023 (or 31 December 2022) would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "Credit risk The Group\u2019s exposure to credit risk arises from holdings of cash, cash equivalents and investments, and if a counterparty or customer fails to meet its contractual obligations. The Group\u2019s primary objective to manage credit risk from its holdings of cash, cash equivalents and investments is to minimise the risk of a loss of capital and eliminate loss of liquidity having a detrimental effect on the business. The Group places surplus funds of no more than \u00a330m per institution into pooled money market funds with same-day access and of no more than \u00a312m per institution for bank deposits with durations of up to 24 months. During the year the Group\u2019s treasury policy restricted investments in short-term money market funds to those which carry short-term credit ratings of at least two of AAAm (Standard & Poor\u2019s), Aaa-mf (Moody\u2019s) and AAAmmf (Fitch) and deposits with banks with minimum long-term rating of A-/A3/A and short-term rating of A-2/P-2/F-1 for banks in which the UK Government holds less than 10% ordinary equity. Trade receivables at the year-end relate to three customers (31 December 2022: three) of which \u00a3194,000 relates to the Europe geographic region and \u00a33,228,000 to Asia (31 December 2022: \u00a3579,000 relates to the Europe geographic region and \u00a311,246,000 to Asia). Contract assets at the year-end related to one customer from the Europe geographic region of \u00a31,575,000 (31 December 2022: related to three customers of which \u00a3358,000 relates to the Europe geographic region and \u00a342,000 to Asia). The Group\u2019s customers are generally large multinational companies or research institutions and are consequentially not considered to add significantly to the Group\u2019s credit risk exposure. All trade receivables are due within the agreed credit terms for the current and preceding year and are consequently stated at cost. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and other contract assets (primarily unbilled work in progress). To measure expected credit losses, trade receivables and other contract assets are analysed based on their credit risk characteristics including days past due and the specific payment profile of the customer to determine a suitable historical loss rate. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors that the Group considers could affect the ability of its customers to settle the receivables. The Group has followed this approach as at 31 December 2023 and as a result has not recognised a loss allowance for trade receivables or other contract assets (31 December 2022: no loss allowance). Management does not consider that a reasonably possible change in the estimation of expected credit losses would have a material impact on the results of the following year ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "Credit risk The Group\u2019s exposure to credit risk arises from holdings of cash, cash equivalents and investments, and if a counterparty or customer fails to meet its contractual obligations. The Group\u2019s primary objective to manage credit risk from its holdings of cash, cash equivalents and investments is to minimise the risk of a loss of capital and eliminate loss of liquidity having a detrimental effect on the business. The Group places surplus funds of no more than \u00a330m per institution into pooled money market funds with same-day access and of no more than \u00a312m per institution for bank deposits with durations of up to 24 months. During the year the Group\u2019s treasury policy restricted investments in short-term money market funds to those which carry short-term credit ratings of at least two of AAAm (Standard & Poor\u2019s), Aaa-mf (Moody\u2019s) and AAAmmf (Fitch) and deposits with banks with minimum long-term rating of A-/A3/A and short-term rating of A-2/P-2/F-1 for banks in which the UK Government holds less than 10% ordinary equity. Trade receivables at the year-end relate to three customers (31 December 2022: three) of which \u00a3194,000 relates to the Europe geographic region and \u00a33,228,000 to Asia (31 December 2022: \u00a3579,000 relates to the Europe geographic region and \u00a311,246,000 to Asia). Contract assets at the year-end related to one customer from the Europe geographic region of \u00a31,575,000 (31 December 2022: related to three customers of which \u00a3358,000 relates to the Europe geographic region and \u00a342,000 to Asia). The Group\u2019s customers are generally large multinational companies or research institutions and are consequentially not considered to add significantly to the Group\u2019s credit risk exposure. All trade receivables are due within the agreed credit terms for the current and preceding year and are consequently stated at cost. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and other contract assets (primarily unbilled work in progress). To measure expected credit losses, trade receivables and other contract assets are analysed based on their credit risk characteristics including days past due and the specific payment profile of the customer to determine a suitable historical loss rate. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors that the Group considers could affect the ability of its customers to settle the receivables. The Group has followed this approach as at 31 December 2023 and as a result has not recognised a loss allowance for trade receivables or other contract assets (31 December 2022: no loss allowance). Management does not consider that a reasonably possible change in the estimation of expected credit losses would have a material impact on the results of the following year . ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "value": "Interest rate risk Interest rate risk on the Group\u2019s liabilities is minimal. The Group\u2019s finance income is sensitive to changes in interest rates. A change of 0.5% in interest rates on all variable rate instruments held by the Group at 31 December 2023 would have impacted the finance income by \u00a3348,000 (31 December 2022: \u00a3416,000). The decrease in sensitivity to interest rate changes is driven by the reduction in variable-rate cash, cash equivalents and investments held at the balance sheet date when compared with 31 December 2022. Interest rate risk is mitigated by investing in deposit accounts of different durations ranging from 32 days to up to 24 months and by utilising deposit accounts with fixed interest rates. Foreign currency exposures The Group\u2019s primary transaction currency is pound sterling. Exposures to foreign currency-denominated contracted receivables and commitments arise from the Group\u2019s overseas sales and purchases, which are primarily denominated in euros, US dollars, Canadian dollars and Japanese yen. During the year ended 31 December 2020, the Group entered into a fixed term deposit denominated in Chinese renminbi, to fund the expected initial investment of CNH68m (c.\u00a38m) in the proposed collaboration with Weichai Power Co. Ltd. This deposit has been rolled forward following the ongoing discussions around the final form of the collaboration which are expected to complete during 2024. The Group seeks to mitigate its foreign currency exposure by entering into forward currency exchange contracts, and in limited circumstances, currency options in accordance with the Group\u2019s treasury policy. Where the amounts to be paid and received in a specific currency are expected to largely offset one another, no further hedging activity is undertaken. Forward currency exchange contracts and options are primarily entered into for significant foreign currency exposures that are not expected to be offset by other currency transactions. The Group\u2019s objectives and policies are largely unchanged in the reporting periods under review. During the year ended 31 December 2020, the Group entered into a non-deliverable forward (\u201cNDF\u201d) to hedge an exposure to KRW related to a long-term customer contract. As at 31 December 2023, \u00a3nil cashflows remained under the hedge (31 December 2022: \u00a35.0m), as they were net settled in pound sterling during 2023. Forward exchange contracts include forward currency contracts to sell \u00a32.7m in total and buy US and Canadian dollars over the next 12 months. The table below shows the extent to which the Group has monetary assets and liabilities in currencies other than pounds sterling. Foreign exchange differences arising on the retranslation of these monetary assets and liabilities are taken to the Consolidated Statement of Profit and Loss.
Canadian Japanese Chinese
Euro US dollar dollar yen renminbi Other
31 December 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Exposures to foreign currency risk:
Cash and cash equivalents
1,383
1,332
164
127
136
22
Fixed term bank deposits
\u2014
\u2014
\u2014
\u2014
7,750
\u2014
Trade and other receivables
\u2014
1
\u2014
\u2014
2
\u2014
Other current assets
\u2014
\u2014
\u2014
\u2014
24
\u2014
Trade payables and payments on account
(276)
(450)
(2)
\u2014
\u2014
(7)
Other current liabilities
\u2014
\u2014
\u2014
\u2014
(56)
\u2014
Forward currency contracts
\u2013 (outflow)/inflow
(2,000)
2,500
300
\u2014
\u2014
\u2014
Balance sheet exposure
(893)
3,383
462
127
7,856
15
Canadian Japanese Chinese
Euro US dollar dollar yen renminbi Other
31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Exposures to foreign currency risk:
Cash and cash equivalents
2,126
2,531
85
456
89
30
Fixed term bank deposits
\u2014
\u2014
\u2014
\u2014
8,475
\u2014
Trade and other receivables
27
2
\u2014
\u2014
\u2014
\u2014
Trade payables and payments on account
(516)
(178)
(4)
\u2014
\u2014
(6)
Forward currency contracts
\u2013 (outflow)/inflow
(2,000)
\u2014
61
33
\u2014
\u2014
Balance sheet exposure
(363)
2,355
142
489
8,564
24
A 10% weakening of the following currencies against pound sterling at 31 December 2023 (or 31 December 2022) would have resulted in a profit or loss charge to the Consolidated Statement of Profit and Loss by the amounts shown below. This calculation assumes that the change occurred at the balance sheet date and had been applied to risk exposures existing at that date. This analysis assumes that all other variables, in particular other exchange rates and interest rates, remain constant. The analysis is performed on the same basis for the comparative period.
Profit or (loss)
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Euro
89
36
US dollar
(338)
(235)
Canadian dollar
(46)
(14)
Japanese yen
(13)
(49)
Chinese Renminbi
(785)
(856)
Other
(1)
(2)
A 10% strengthening of the above currencies against pound sterling at 31 December 2023 (or 31 December 2022) would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "value": "Liquidity risk Liquidity risk is the risk arising from the Group not being able to meet its financial obligations. The Group manages its liquidity needs by preparing cash flow forecasts, including forecasting of the Group\u2019s liquidity requirements, to ensure the Group has sufficient cash to meet its operational needs. The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the effect of netting agreements:
31 Dec 2023
31 Dec 2022
Carrying Contractual 1 year 1 to 2 2 to 5 Carrying Contractual 1 year 1 to 2 2 to 5
amount cash flows or less years years >5 years amount cash flows or less years years >5 years
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Non-derivative
financial liabilities
Trade and
other payables
and accruals
(10,563)
(10,563)
(10,563)
\u2014
\u2014
\u2014
(10,957)
(10,957)
(10,957)
\u2014
\u2014
\u2014
Lease liabilities
(2,596)
(3,038)
(887)
(883)
(1,268)
\u2014
(3,124)
(3,793)
(840)
(853)
(1,851)
(249)
Derivative
financial liabilities
Forward
exchange
contracts:
(Outflow)
(2,337)
(2,239)
(2,239)
\u2014
\u2014
\u2014
\u2014
(93)
(93)
\u2014
\u2014
\u2014
Inflow
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,907
2,000
2,000
\u2014
\u2014
\u2014
Currency
swap contracts:
(Outflow)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Inflow
1,767
1,760
1,760
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-332": { "value": "
22. Provisions and contingent liabilities
Provisions
A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive
obligation as a result of a past event that can be reliably measured and it is probable that an outflow of economic benefits will be
required to settle the obligation where relevant.
Contingent liabilities
Contingent liabilities are disclosed where the likelihood of payment of potential future cash outflows is considered more than
remote, but is not considered probable or cannot be measured reliably.
Property dilapidations
Provisions have been made for future dilapidation costs on the leased properties. This provision is the Directors\u2019 best estimate
as the actual costs and timing of future cash flows are dependent on future events and are updated periodically. The estimate
is supported by advice received from professional advisers. Provisions are determined by discounting the expected future cash
flows at a pre-tax rate that reflects risks specific to the liability. Any difference between expectations and the actual future liability
will be accounted for in the period when such determination is made.
Warranties
As at the year-end, only a small proportion of technology hardware supplied or sold to customers was provided with contractual
warranties. The warranty provision is recognised in accordance with IAS 37 as the majority of technology hardware supplied
or sold to customers has been provided without contractual warranties and there is no option to acquire a warranty separately.
Where a constructive obligation is considered to have been created through an expectation or past practice, a provision for
the associated costs of future claims has been included at the year-end. The Group recognises a provision for both contractual
and constructive obligation warranties when the underlying products and services are sold. The provision is based on the
past performance of the technology hardware, management\u2019s knowledge, customer expectations and a weighting of possible
outcomes against their associated probabilities. Where warranty obligations are not considered to be probable, they are not
provided for but instead are disclosed as contingent liabilities unless remote.
Contract losses
The Group holds provisions for expected contractual costs that it expects to incur over the life of the contract. Management
exercises judgement to determine the value of the costs to be incurred and the amount of the provision to be made. Each
provision is considered separately and the amount provided reflects the best estimate of the most likely amount to be incurred.
Provision is made when the contractual or constructive obligation occurs. The provision is used to offset the costs incurred in
delivering the onerous contracts.
The movement in provisions charged to the Consolidated Statement of Profit and Loss for the year ended 31 December 2023
is set out below along with the value of provisions at 31 December 2022:
Property
dilapidations
1
Warranties Contract losses Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2022
1,828
1,253
326
3,407
Movements in the Consolidated Statement of Profit and Loss:
Amounts used
\u2014
\u2014
(137)
(137)
Unwinding of discount
87
\u2014
\u2014
87
Unused provision reversed
\u2014
(707)
(135)
(842)
Increase in provision
190
329
\u2014
519
At 31 December 2022 - Restated
2,105
875
54
3,034
Movements in the Consolidated Statement of Profit and Loss:
Unwinding of discount
89
\u2014
\u2014
89
Unused provision reversed
\u2014
(553)
(10)
(563)
Increase in provision
88
281
\u2014
369
At 31 December 2023
2,282
603
44
2,929
Current
\u2014
603
44
647
Non-current
2,282
\u2014
\u2014
2,282
At 31 December 2023
2,282
603
44
2,929
Current
\u2014
875
54
929
Non-current - Restated
2,105
\u2014
\u2014
2,105
At 31 December 2022 - Restated
2,105
875
54
3,034
1
1
1
1
1. The adjustment in respect of 2022 is described in Note 1.
The dilapidation provision at 31 December 2023 represents the present value of costs to be incurred in making good the Group\u2019s
leasehold properties at the break points of the leases in approximately two to three years\u2019 time. The main uncertainty relates
to estimating the cost that will be incurred at the end of the respective leases. A revaluation of the property dilapidation was
performed by a specialist for the year ended 31 December 2023.
The warranty provision at the year-end is primarily the result of a constructive obligation and reflects the Directors\u2019 best estimate
of the cost required to fulfil these obligations with respect to a number of the Group\u2019s customer contracts. Subsequent to their
initial recognition, warranty provisions are utilised or released over the periods of the various warranty obligations, which are
expected to be less than two years. There are several areas of uncertainty supporting the provision, including determining the
amount of technology hardware that may require repairing or replacing and respective timing as manufacturing costs are expected
to reduce over time. In addition, as most of the Group\u2019s warranty provisions relate to constructive rather than contractual
obligation and there is limited history of warranty claims with the Group\u2019s current customers, any final warranty obligation will be
subject to negotiation with the respective customer. The calculation of the warranty provision is subject to certain estimates, as
set out in Note 1.
During the year, following the conclusion of certain contracts utilising our fuel cell stacks, and based on a further year\u2019s data around
stack failure and degradation rates, \u00a30.6m of the existing provision was released to the Consolidated Statement of Profit and Loss.
As at 31 December 2023, the contract loss provision relates to one contract for the provision of technology hardware.
The provision relates to an onerous contractual obligation to reimburse our customer to remove installed fuel cell systems
from end-user properties and to return them to us.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "value": "22. Provisions and contingent liabilities Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation where relevant. Contingent liabilities Contingent liabilities are disclosed where the likelihood of payment of potential future cash outflows is considered more than remote, but is not considered probable or cannot be measured reliably. Property dilapidations Provisions have been made for future dilapidation costs on the leased properties. This provision is the Directors\u2019 best estimate as the actual costs and timing of future cash flows are dependent on future events and are updated periodically. The estimate is supported by advice received from professional advisers. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Warranties As at the year-end, only a small proportion of technology hardware supplied or sold to customers was provided with contractual warranties. The warranty provision is recognised in accordance with IAS 37 as the majority of technology hardware supplied or sold to customers has been provided without contractual warranties and there is no option to acquire a warranty separately. Where a constructive obligation is considered to have been created through an expectation or past practice, a provision for the associated costs of future claims has been included at the year-end. The Group recognises a provision for both contractual and constructive obligation warranties when the underlying products and services are sold. The provision is based on the past performance of the technology hardware, management\u2019s knowledge, customer expectations and a weighting of possible outcomes against their associated probabilities. Where warranty obligations are not considered to be probable, they are not provided for but instead are disclosed as contingent liabilities unless remote. Contract losses The Group holds provisions for expected contractual costs that it expects to incur over the life of the contract. Management exercises judgement to determine the value of the costs to be incurred and the amount of the provision to be made. Each provision is considered separately and the amount provided reflects the best estimate of the most likely amount to be incurred. Provision is made when the contractual or constructive obligation occurs. The provision is used to offset the costs incurred in delivering the onerous contracts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "value": "22. Provisions and contingent liabilities Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation where relevant. Contingent liabilities Contingent liabilities are disclosed where the likelihood of payment of potential future cash outflows is considered more than remote, but is not considered probable or cannot be measured reliably. Property dilapidations Provisions have been made for future dilapidation costs on the leased properties. This provision is the Directors\u2019 best estimate as the actual costs and timing of future cash flows are dependent on future events and are updated periodically. The estimate is supported by advice received from professional advisers. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Warranties As at the year-end, only a small proportion of technology hardware supplied or sold to customers was provided with contractual warranties. The warranty provision is recognised in accordance with IAS 37 as the majority of technology hardware supplied or sold to customers has been provided without contractual warranties and there is no option to acquire a warranty separately. Where a constructive obligation is considered to have been created through an expectation or past practice, a provision for the associated costs of future claims has been included at the year-end. The Group recognises a provision for both contractual and constructive obligation warranties when the underlying products and services are sold. The provision is based on the past performance of the technology hardware, management\u2019s knowledge, customer expectations and a weighting of possible outcomes against their associated probabilities. Where warranty obligations are not considered to be probable, they are not provided for but instead are disclosed as contingent liabilities unless remote. Contract losses The Group holds provisions for expected contractual costs that it expects to incur over the life of the contract. Management exercises judgement to determine the value of the costs to be incurred and the amount of the provision to be made. Each provision is considered separately and the amount provided reflects the best estimate of the most likely amount to be incurred. Provision is made when the contractual or constructive obligation occurs. The provision is used to offset the costs incurred in delivering the onerous contracts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": "22. Provisions and contingent liabilities Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation where relevant. Contingent liabilities Contingent liabilities are disclosed where the likelihood of payment of potential future cash outflows is considered more than remote, but is not considered probable or cannot be measured reliably. Property dilapidations Provisions have been made for future dilapidation costs on the leased properties. This provision is the Directors\u2019 best estimate as the actual costs and timing of future cash flows are dependent on future events and are updated periodically. The estimate is supported by advice received from professional advisers. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Warranties As at the year-end, only a small proportion of technology hardware supplied or sold to customers was provided with contractual warranties. The warranty provision is recognised in accordance with IAS 37 as the majority of technology hardware supplied or sold to customers has been provided without contractual warranties and there is no option to acquire a warranty separately. Where a constructive obligation is considered to have been created through an expectation or past practice, a provision for the associated costs of future claims has been included at the year-end. The Group recognises a provision for both contractual and constructive obligation warranties when the underlying products and services are sold. The provision is based on the past performance of the technology hardware, management\u2019s knowledge, customer expectations and a weighting of possible outcomes against their associated probabilities. Where warranty obligations are not considered to be probable, they are not provided for but instead are disclosed as contingent liabilities unless remote. Contract losses The Group holds provisions for expected contractual costs that it expects to incur over the life of the contract. Management exercises judgement to determine the value of the costs to be incurred and the amount of the provision to be made. Each provision is considered separately and the amount provided reflects the best estimate of the most likely amount to be incurred. Provision is made when the contractual or constructive obligation occurs. The provision is used to offset the costs incurred in delivering the onerous contracts. The movement in provisions charged to the Consolidated Statement of Profit and Loss for the year ended 31 December 2023 is set out below along with the value of provisions at 31 December 2022:
Property
dilapidations
1
Warranties Contract losses Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2022
1,828
1,253
326
3,407
Movements in the Consolidated Statement of Profit and Loss:
Amounts used
\u2014
\u2014
(137)
(137)
Unwinding of discount
87
\u2014
\u2014
87
Unused provision reversed
\u2014
(707)
(135)
(842)
Increase in provision
190
329
\u2014
519
At 31 December 2022 - Restated
2,105
875
54
3,034
Movements in the Consolidated Statement of Profit and Loss:
Unwinding of discount
89
\u2014
\u2014
89
Unused provision reversed
\u2014
(553)
(10)
(563)
Increase in provision
88
281
\u2014
369
At 31 December 2023
2,282
603
44
2,929
Current
\u2014
603
44
647
Non-current
2,282
\u2014
\u2014
2,282
At 31 December 2023
2,282
603
44
2,929
Current
\u2014
875
54
929
Non-current - Restated
2,105
\u2014
\u2014
2,105
At 31 December 2022 - Restated
2,105
875
54
3,034
1 1 1 1 1. The adjustment in respect of 2022 is described in Note 1. The dilapidation provision at 31 December 2023 represents the present value of costs to be incurred in making good the Group\u2019s leasehold properties at the break points of the leases in approximately two to three years\u2019 time. The main uncertainty relates to estimating the cost that will be incurred at the end of the respective leases. A revaluation of the property dilapidation was performed by a specialist for the year ended 31 December 2023. The warranty provision at the year-end is primarily the result of a constructive obligation and reflects the Directors\u2019 best estimate of the cost required to fulfil these obligations with respect to a number of the Group\u2019s customer contracts. Subsequent to their initial recognition, warranty provisions are utilised or released over the periods of the various warranty obligations, which are expected to be less than two years. There are several areas of uncertainty supporting the provision, including determining the amount of technology hardware that may require repairing or replacing and respective timing as manufacturing costs are expected to reduce over time. In addition, as most of the Group\u2019s warranty provisions relate to constructive rather than contractual obligation and there is limited history of warranty claims with the Group\u2019s current customers, any final warranty obligation will be subject to negotiation with the respective customer. The calculation of the warranty provision is subject to certain estimates, as set out in Note 1. During the year, following the conclusion of certain contracts utilising our fuel cell stacks, and based on a further year\u2019s data around stack failure and degradation rates, \u00a30.6m of the existing provision was released to the Consolidated Statement of Profit and Loss. As at 31 December 2023, the contract loss provision relates to one contract for the provision of technology hardware. The provision relates to an onerous contractual obligation to reimburse our customer to remove installed fuel cell systems from end-user properties and to return them to us. 27. Capital commitments Capital expenditure that has been contracted for but has not been provided for in the consolidated financial statements amounts to \u00a35,671,000 as at 31 December 2023 (31 December 2022: \u00a38,679,000). The reduction reflects the progress made during the year with the Group\u2019s planned test expansion and the production of the first-of-a-kind electrolysis demonstration unit.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "value": "22. Provisions and contingent liabilities Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation where relevant. Contingent liabilities Contingent liabilities are disclosed where the likelihood of payment of potential future cash outflows is considered more than remote, but is not considered probable or cannot be measured reliably. Property dilapidations Provisions have been made for future dilapidation costs on the leased properties. This provision is the Directors\u2019 best estimate as the actual costs and timing of future cash flows are dependent on future events and are updated periodically. The estimate is supported by advice received from professional advisers. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Warranties As at the year-end, only a small proportion of technology hardware supplied or sold to customers was provided with contractual warranties. The warranty provision is recognised in accordance with IAS 37 as the majority of technology hardware supplied or sold to customers has been provided without contractual warranties and there is no option to acquire a warranty separately. Where a constructive obligation is considered to have been created through an expectation or past practice, a provision for the associated costs of future claims has been included at the year-end. The Group recognises a provision for both contractual and constructive obligation warranties when the underlying products and services are sold. The provision is based on the past performance of the technology hardware, management\u2019s knowledge, customer expectations and a weighting of possible outcomes against their associated probabilities. Where warranty obligations are not considered to be probable, they are not provided for but instead are disclosed as contingent liabilities unless remote. Contract losses The Group holds provisions for expected contractual costs that it expects to incur over the life of the contract. Management exercises judgement to determine the value of the costs to be incurred and the amount of the provision to be made. Each provision is considered separately and the amount provided reflects the best estimate of the most likely amount to be incurred. Provision is made when the contractual or constructive obligation occurs. The provision is used to offset the costs incurred in delivering the onerous contracts. The movement in provisions charged to the Consolidated Statement of Profit and Loss for the year ended 31 December 2023 is set out below along with the value of provisions at 31 December 2022:
Property
dilapidations
1
Warranties Contract losses Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2022
1,828
1,253
326
3,407
Movements in the Consolidated Statement of Profit and Loss:
Amounts used
\u2014
\u2014
(137)
(137)
Unwinding of discount
87
\u2014
\u2014
87
Unused provision reversed
\u2014
(707)
(135)
(842)
Increase in provision
190
329
\u2014
519
At 31 December 2022 - Restated
2,105
875
54
3,034
Movements in the Consolidated Statement of Profit and Loss:
Unwinding of discount
89
\u2014
\u2014
89
Unused provision reversed
\u2014
(553)
(10)
(563)
Increase in provision
88
281
\u2014
369
At 31 December 2023
2,282
603
44
2,929
Current
\u2014
603
44
647
Non-current
2,282
\u2014
\u2014
2,282
At 31 December 2023
2,282
603
44
2,929
Current
\u2014
875
54
929
Non-current - Restated
2,105
\u2014
\u2014
2,105
At 31 December 2022 - Restated
2,105
875
54
3,034
1 1 1 1 1. The adjustment in respect of 2022 is described in Note 1. The dilapidation provision at 31 December 2023 represents the present value of costs to be incurred in making good the Group\u2019s leasehold properties at the break points of the leases in approximately two to three years\u2019 time. The main uncertainty relates to estimating the cost that will be incurred at the end of the respective leases. A revaluation of the property dilapidation was performed by a specialist for the year ended 31 December 2023. The warranty provision at the year-end is primarily the result of a constructive obligation and reflects the Directors\u2019 best estimate of the cost required to fulfil these obligations with respect to a number of the Group\u2019s customer contracts. Subsequent to their initial recognition, warranty provisions are utilised or released over the periods of the various warranty obligations, which are expected to be less than two years. There are several areas of uncertainty supporting the provision, including determining the amount of technology hardware that may require repairing or replacing and respective timing as manufacturing costs are expected to reduce over time. In addition, as most of the Group\u2019s warranty provisions relate to constructive rather than contractual obligation and there is limited history of warranty claims with the Group\u2019s current customers, any final warranty obligation will be subject to negotiation with the respective customer. The calculation of the warranty provision is subject to certain estimates, as set out in Note 1. During the year, following the conclusion of certain contracts utilising our fuel cell stacks, and based on a further year\u2019s data around stack failure and degradation rates, \u00a30.6m of the existing provision was released to the Consolidated Statement of Profit and Loss. As at 31 December 2023, the contract loss provision relates to one contract for the provision of technology hardware. The provision relates to an onerous contractual obligation to reimburse our customer to remove installed fuel cell systems from end-user properties and to return them to us. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "22. Provisions and contingent liabilities Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation where relevant. Contingent liabilities Contingent liabilities are disclosed where the likelihood of payment of potential future cash outflows is considered more than remote, but is not considered probable or cannot be measured reliably. Property dilapidations Provisions have been made for future dilapidation costs on the leased properties. This provision is the Directors\u2019 best estimate as the actual costs and timing of future cash flows are dependent on future events and are updated periodically. The estimate is supported by advice received from professional advisers. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Warranties As at the year-end, only a small proportion of technology hardware supplied or sold to customers was provided with contractual warranties. The warranty provision is recognised in accordance with IAS 37 as the majority of technology hardware supplied or sold to customers has been provided without contractual warranties and there is no option to acquire a warranty separately. Where a constructive obligation is considered to have been created through an expectation or past practice, a provision for the associated costs of future claims has been included at the year-end. The Group recognises a provision for both contractual and constructive obligation warranties when the underlying products and services are sold. The provision is based on the past performance of the technology hardware, management\u2019s knowledge, customer expectations and a weighting of possible outcomes against their associated probabilities. Where warranty obligations are not considered to be probable, they are not provided for but instead are disclosed as contingent liabilities unless remote. Contract losses The Group holds provisions for expected contractual costs that it expects to incur over the life of the contract. Management exercises judgement to determine the value of the costs to be incurred and the amount of the provision to be made. Each provision is considered separately and the amount provided reflects the best estimate of the most likely amount to be incurred. Provision is made when the contractual or constructive obligation occurs. The provision is used to offset the costs incurred in delivering the onerous contracts. The movement in provisions charged to the Consolidated Statement of Profit and Loss for the year ended 31 December 2023 is set out below along with the value of provisions at 31 December 2022:
Property
dilapidations
1
Warranties Contract losses Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2022
1,828
1,253
326
3,407
Movements in the Consolidated Statement of Profit and Loss:
Amounts used
\u2014
\u2014
(137)
(137)
Unwinding of discount
87
\u2014
\u2014
87
Unused provision reversed
\u2014
(707)
(135)
(842)
Increase in provision
190
329
\u2014
519
At 31 December 2022 - Restated
2,105
875
54
3,034
Movements in the Consolidated Statement of Profit and Loss:
Unwinding of discount
89
\u2014
\u2014
89
Unused provision reversed
\u2014
(553)
(10)
(563)
Increase in provision
88
281
\u2014
369
At 31 December 2023
2,282
603
44
2,929
Current
\u2014
603
44
647
Non-current
2,282
\u2014
\u2014
2,282
At 31 December 2023
2,282
603
44
2,929
Current
\u2014
875
54
929
Non-current - Restated
2,105
\u2014
\u2014
2,105
At 31 December 2022 - Restated
2,105
875
54
3,034
1 1 1 1 1. The adjustment in respect of 2022 is described in Note 1. The dilapidation provision at 31 December 2023 represents the present value of costs to be incurred in making good the Group\u2019s leasehold properties at the break points of the leases in approximately two to three years\u2019 time. The main uncertainty relates to estimating the cost that will be incurred at the end of the respective leases. A revaluation of the property dilapidation was performed by a specialist for the year ended 31 December 2023. The warranty provision at the year-end is primarily the result of a constructive obligation and reflects the Directors\u2019 best estimate of the cost required to fulfil these obligations with respect to a number of the Group\u2019s customer contracts. Subsequent to their initial recognition, warranty provisions are utilised or released over the periods of the various warranty obligations, which are expected to be less than two years. There are several areas of uncertainty supporting the provision, including determining the amount of technology hardware that may require repairing or replacing and respective timing as manufacturing costs are expected to reduce over time. In addition, as most of the Group\u2019s warranty provisions relate to constructive rather than contractual obligation and there is limited history of warranty claims with the Group\u2019s current customers, any final warranty obligation will be subject to negotiation with the respective customer. The calculation of the warranty provision is subject to certain estimates, as set out in Note 1. During the year, following the conclusion of certain contracts utilising our fuel cell stacks, and based on a further year\u2019s data around stack failure and degradation rates, \u00a30.6m of the existing provision was released to the Consolidated Statement of Profit and Loss. As at 31 December 2023, the contract loss provision relates to one contract for the provision of technology hardware. The provision relates to an onerous contractual obligation to reimburse our customer to remove installed fuel cell systems from end-user properties and to return them to us. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-333": { "value": "
23. Share capital
31 Dec 2023 31 Dec 2022
\u00a3\u2019000 \u00a3\u2019000
Number Number
of \u00a30.10 of \u00a30.10
ordinary shares
\u00a3\u2019000
ordinary shares
\u00a3\u2019000
Allotted and fully paid
At 1 January
192,086,775
19,209
190,729,638
19,073
Allotted \u00a30.10 ordinary shares on exercise of employee share options
881,321
88
1,357,137
136
At 31 December
192,968,096
19,297
192,086,775
19,209
During the year ended 31 December 2023, 881,321 ordinary \u00a30.10 shares were allotted for cash consideration of \u00a3799,684 on
the exercise of employee share options (year ended 31 December 2022: 1,357,137 ordinary \u00a30.10 shares were allotted for cash
consideration of \u00a3866,717) (see Note 25).
24. Reserves
The Consolidated Statement of Financial Position includes a merger reserve and a capital redemption reserve. The merger reserve
represents a reserve arising on consolidation using book value accounting for the acquisition of Ceres Power Limited at 1 July 2004.
The reserve represents the difference between the book value and the nominal value of the shares issued by the Company to
acquire Ceres Power Limited. The capital redemption reserve was created in the year ended 30 June 2014 when 86,215,662
deferred ordinary shares of \u00a30.04 each were cancelled.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "value": "23. Share capital
31 Dec 2023 31 Dec 2022
\u00a3\u2019000 \u00a3\u2019000
Number Number
of \u00a30.10 of \u00a30.10
ordinary shares
\u00a3\u2019000
ordinary shares
\u00a3\u2019000
Allotted and fully paid
At 1 January
192,086,775
19,209
190,729,638
19,073
Allotted \u00a30.10 ordinary shares on exercise of employee share options
881,321
88
1,357,137
136
At 31 December
192,968,096
19,297
192,086,775
19,209
During the year ended 31 December 2023, 881,321 ordinary \u00a30.10 shares were allotted for cash consideration of \u00a3799,684 on the exercise of employee share options (year ended 31 December 2022: 1,357,137 ordinary \u00a30.10 shares were allotted for cash consideration of \u00a3866,717) (see Note 25).", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "value": "24. Reserves The Consolidated Statement of Financial Position includes a merger reserve and a capital redemption reserve. The merger reserve represents a reserve arising on consolidation using book value accounting for the acquisition of Ceres Power Limited at 1 July 2004. The reserve represents the difference between the book value and the nominal value of the shares issued by the Company to acquire Ceres Power Limited. The capital redemption reserve was created in the year ended 30 June 2014 when 86,215,662 deferred ordinary shares of \u00a30.04 each were cancelled.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-334": { "value": "
25. Share options
Share-based payments
The Group has a number of employee and executive share option and award schemes under which it makes equity-settled
share-based payments.
The fair value of share-based payment awards granted to employees is recognised as an employee expense, with a corresponding
increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the
awards granted is measured using option valuation models, taking into account the terms and conditions upon which the awards
were granted. The fair value of the share-based payment, determined at the grant date, is measured to reflect vesting and
non-vesting conditions and for market-related vesting conditions there is no true-up for differences between expected and actual
outcomes. Expected volatility was determined by calculating the historical volatility of the Company\u2019s shares compared with AIM
over a period consistent with the expected term of the options.
Where the parent Company grants options over its own shares to the employees of the Group, these are accounted for as
equity-settled in the consolidated accounts of the Group.
The total charge recognised in the year ended 31 December 2023 relating to employee share-based payments was \u00a367,000
(2022: \u00a3997,000).
The Company has a number of share option schemes and savings-related share option plans for its employees and a separate
historical scheme for Executive Directors.
2023 2022
\u00a3\u2019000 \u00a3\u2019000
a) 2004
Employees\u2019 share option scheme
\u2014
\u2014
b) Sharesave schemes
148
241
c) Long Term Incentive Plan (\u201cLTIP\u201d)
(81)
756
67
997
a) 2004 Employees\u2019 share option scheme
In previous years, the Company issued share options under this scheme for Directors and employees, under which approved and
unapproved share options were granted. The Company adopted the \u201cCeres Power Holdings Ltd 2004 Employees\u2019 share option
scheme\u201d at the time of listing in November 2004.
Under this scheme, Directors and employees hold options to subscribe for \u00a30.10 ordinary shares in Ceres Power Holdings plc at
prices ranging from \u00a30.10 to the closing mid-market price on the day preceding the share option grant. All options are equity-settled.
The vesting period for all options is generally between three and six years. If the options remain unexercised after a period of ten
years from the date of the grant, the options expire. Options are forfeited if the employee chooses to leave the Group before the
options vest.
Movements in the total number of share options outstanding and their relative weighted average exercise price are as follows:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
(\u2018000) exercise price (\u2018000) exercise price
Outstanding at 1 January
982
\u00a30.84
1,476
\u00a30.75
Exercised
(222)
\u00a30.84
(421)
\u00a30.48
Lapsed
(127)
\u00a30.85
(73)
\u00a30.99
Outstanding at 31 December
633
\u00a30.84
982
\u00a30.84
Exercisable
633
\u00a30.84
982
\u00a30.84
The weighted average share price on the exercise date of options was \u00a33.35 (2022: \u00a35.73).
The range of exercise prices for options outstanding at the end of the year is as follows:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
Expiry date \u2013 31 December (\u2019000) exercise price (\u2019000) exercise price
2023
\u2014
\u2014
250
\u00a30.86
2024
615
\u00a30.84
669
\u00a30.84
2025
4
\u00a30.90
36
\u00a30.90
2026
14
\u00a30.55
27
\u00a30.55
The options outstanding at the end of the year have a weighted average contractual life of 0.63 years (31 December 2022: 1.45 years).
a) 2004 Employees\u2019 share option scheme continued
In 2014 and 2016, certain option-holders under the 2004 share option scheme were awarded Employee Shareholder Status (\u201cESS\u201d) shares
in the Company\u2019s subsidiary, Ceres Power Intermediate Holdings Ltd. The ESS shares were granted as a modification to the unexercised
2004 Employees\u2019 share scheme options providing the relevant employees with additional exercise rights. The issue of the ESS shares has
not changed the vesting period or exercise price of the unexercised 2004 Employees\u2019 share scheme options granted. The total fair value
charge of these options remains unchanged and the gross benefit received cannot exceed the gain realisable under the original share
options and it cannot be received at an earlier time. Shares granted in Ceres Power Intermediate Holdings Ltd under the ESS scheme have
minimal rights attached to them.
b) Sharesave scheme
During 2019 a new HMRC-approved savings-related share option scheme was implemented, under which employees save on a
monthly basis, over a three-year period, towards the purchase of shares at a fixed price determined when the option is granted.
This price is set at a 20% discount to the market price. The options must be exercised within six months of maturity of the savings
contract, otherwise they lapse.
Movements in the total number of share options outstanding and their relative weighted average exercise price are as follows:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
(\u2019000) exercise price (\u2019000) exercise price
Outstanding at 1 January
673
\u00a34.36
984
\u00a32.83
Granted
893
\u00a33.13
394
\u00a35.96
Exercised
(300)
\u00a31.95
(496)
\u00a31.27
Lapsed/cancelled
(416)
\u00a35.82
(209)
\u00a37.53
Outstanding at 31 December
850
\u00a33.52
673
\u00a34.36
Exercisable
\u2014
\u2014
6
\u00a31.27
The weighted average share price on the exercise date of options was \u00a34.02 (2022: \u00a34.43).
The weighted average fair value of options granted in the year was \u00a31.70 (2022: \u00a33.34).
The expiry dates of options outstanding at the end of the year are as follows:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
Expiry date \u2013 31 December (\u2019000) exercise price (\u2019000) exercise price
2023
\u2014
\u2014
308
\u00a31.95
2024
17
\u00a39.83
42
\u00a39.83
2025
83
\u00a35.96
323
\u00a35.96
2026
750
\u00a33.13
\u2014
\u2014
The options outstanding at the end of the year have a weighted average contractual life of 2.78 years (2022: 1.78 years).
c) LTI P
During 2016 a Long Term Incentive Plan (\u201cLTIP\u201d) was implemented by the Remuneration and Nomination Committee. Participation
in the LTIP is at the invitation of the Committee and is intended to be used to incentivise the performance and retention of the
Company\u2019s Executives and certain key employees.
The maximum awards for all participants are determined by the Remuneration and Nomination Committee with appropriate input
from independent advisers. Performance is based on achieving targets. Targets are major milestones which are aligned to the
Group\u2019s strategic plan and also a sliding scale of Total Shareholder Return (\u201cTSR\u201d), which is measured over a period of three years
with an additional holding period of two years for Executives. Malus, hold and clawback conditions apply.
Movements in the total number of share options outstanding and their relative weighted average exercise price are as follows:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
(\u2019000) exercise price (\u2019000) exercise price
Outstanding at 1 January
3,997
\u00a30.10
3,963
\u00a30.10
Granted
1,522
\u00a30.10
892
\u00a30.10
Exercised
(267)
\u00a30.10
(382)
\u00a30.10
Lapsed
(762)
\u00a30.10
(476)
\u00a30.10
Outstanding at 31 December
4,490
\u00a30.10
3,997
\u00a30.10
Exercisable
2,155
\u00a30.10
2,421
\u00a30.10
The weighted average fair value of options granted in the year ending 31 December 2023 was \u00a33.38 (2022: \u00a33.97).
The weighted average share price on the exercise date of options was \u00a33.28 (2022: \u00a35.69).
The expiry dates of options outstanding at the end of the year are as follows:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
Expiry date \u2013 31 December (\u2019000) exercise price (\u2019000) exercise price
2026
829
\u00a30.10
1,029
\u00a30.10
2027
279
\u00a30.10
289
\u00a30.10
2028
543
\u00a30.10
559
\u00a30.10
2029
504
\u00a30.10
544
\u00a30.10
2030
\u2014
\u2014
696
\u00a30.10
2031
\u2014
\u2014
\u2014
\u2014
2032
850
\u00a30.10
880
\u00a30.10
2033
1,485
\u00a30.10
\u2014
\u2014
The options outstanding at the end of the year have a weighted average contractual life of 6.61 years (2022: 6.45 years).
Assumptions
The fair values of the 2004 and Sharesave schemes were measured by use of the Black\u2013Scholes pricing model. The inputs to the
Black\u2013Scholes model were as follows:
Sharesave Sharesave Sharesave Sharesave
scheme 2023 scheme 2022 scheme 2021 scheme 2020
Grant date 28 April 2023 27 April 2022 30 April 2021 22 January 2020
Share price at date of grant (\u00a3)
3.494
7.450
12.290
2.440
Exercise price (\u00a3)
3.128
5.960
9.832
1.95
Expected volatility (%)
69%
53%
53%
53%
Expected option life (years)
3.25 years
3.25 years
3.25 years
3.25 years
Average risk-free interest rate (%)
3.61%
1.00%
1.00%
1.00%
Expected dividend yield
Nil
Nil
Nil
Nil
The exercise prices of options are stated above. The expected life of the options is based on the best estimate of the average
number of years expected from grant to exercise. The expected volatility is based on historical volatility of the Company\u2019s shares
since the Company restructured in 2012. The risk-free rate of return is management\u2019s estimate of the yield on zero-coupon UK
Government bonds of a term consistent with the expected option life.
The fair values of the LTIP schemes were measured using a binomial pricing model and Monte Carlo simulation model.
The inputs to the Monte Carlo simulation model were as follows:
LTIP 2023 LTIP 2022
LTIP 2020
(2)
LTIP 2020
(1)
23 March 23 March 10\u201321 December 10 October
Grant date 2023 2022 2022 2020
Share price at date of grant (\u00a3)
3.91
7.40
10.52\u201311.56
2.16
Exercise price (\u00a3)
0.1
0.1
0.1
0.1
Expected volatility (%)
69%
64%
31%
21%
Expected option life (years)
Up to 7 years
Up to 7 years
up to 7 years
up to 7 years
Average risk-free interest rate (%)
3.61%
1.46%
1.00%
1.00%
Expected dividend yield
Nil
Nil
Nil
Nil
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "25. Share options Share-based payments The Group has a number of employee and executive share option and award schemes under which it makes equity-settled share-based payments. The fair value of share-based payment awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured using option valuation models, taking into account the terms and conditions upon which the awards were granted. The fair value of the share-based payment, determined at the grant date, is measured to reflect vesting and non-vesting conditions and for market-related vesting conditions there is no true-up for differences between expected and actual outcomes. Expected volatility was determined by calculating the historical volatility of the Company\u2019s shares compared with AIM over a period consistent with the expected term of the options. Where the parent Company grants options over its own shares to the employees of the Group, these are accounted for as equity-settled in the consolidated accounts of the Group. The total charge recognised in the year ended 31 December 2023 relating to employee share-based payments was \u00a367,000 (2022: \u00a3997,000). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "value": "a) 2004 Employees\u2019 share option scheme In previous years, the Company issued share options under this scheme for Directors and employees, under which approved and unapproved share options were granted. The Company adopted the \u201cCeres Power Holdings Ltd 2004 Employees\u2019 share option scheme\u201d at the time of listing in November 2004. Under this scheme, Directors and employees hold options to subscribe for \u00a30.10 ordinary shares in Ceres Power Holdings plc at prices ranging from \u00a30.10 to the closing mid-market price on the day preceding the share option grant. All options are equity-settled. The vesting period for all options is generally between three and six years. If the options remain unexercised after a period of ten years from the date of the grant, the options expire. Options are forfeited if the employee chooses to leave the Group before the options vest. Movements in the total number of share options outstanding and their relative weighted average exercise price are as follows:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
(\u2018000) exercise price (\u2018000) exercise price
Outstanding at 1 January
982
\u00a30.84
1,476
\u00a30.75
Exercised
(222)
\u00a30.84
(421)
\u00a30.48
Lapsed
(127)
\u00a30.85
(73)
\u00a30.99
Outstanding at 31 December
633
\u00a30.84
982
\u00a30.84
Exercisable
633
\u00a30.84
982
\u00a30.84
The weighted average share price on the exercise date of options was \u00a33.35 (2022: \u00a35.73). The range of exercise prices for options outstanding at the end of the year is as follows:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
Expiry date \u2013 31 December (\u2019000) exercise price (\u2019000) exercise price
2023
\u2014
\u2014
250
\u00a30.86
2024
615
\u00a30.84
669
\u00a30.84
2025
4
\u00a30.90
36
\u00a30.90
2026
14
\u00a30.55
27
\u00a30.55
The options outstanding at the end of the year have a weighted average contractual life of 0.63 years (31 December 2022: 1.45 years). a) 2004 Employees\u2019 share option scheme continued In 2014 and 2016, certain option-holders under the 2004 share option scheme were awarded Employee Shareholder Status (\u201cESS\u201d) shares in the Company\u2019s subsidiary, Ceres Power Intermediate Holdings Ltd. The ESS shares were granted as a modification to the unexercised 2004 Employees\u2019 share scheme options providing the relevant employees with additional exercise rights. The issue of the ESS shares has not changed the vesting period or exercise price of the unexercised 2004 Employees\u2019 share scheme options granted. The total fair value charge of these options remains unchanged and the gross benefit received cannot exceed the gain realisable under the original share options and it cannot be received at an earlier time. Shares granted in Ceres Power Intermediate Holdings Ltd under the ESS scheme have minimal rights attached to them. b) Sharesave scheme During 2019 a new HMRC-approved savings-related share option scheme was implemented, under which employees save on a monthly basis, over a three-year period, towards the purchase of shares at a fixed price determined when the option is granted. This price is set at a 20% discount to the market price. The options must be exercised within six months of maturity of the savings contract, otherwise they lapse. Movements in the total number of share options outstanding and their relative weighted average exercise price are as follows:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
(\u2019000) exercise price (\u2019000) exercise price
Outstanding at 1 January
673
\u00a34.36
984
\u00a32.83
Granted
893
\u00a33.13
394
\u00a35.96
Exercised
(300)
\u00a31.95
(496)
\u00a31.27
Lapsed/cancelled
(416)
\u00a35.82
(209)
\u00a37.53
Outstanding at 31 December
850
\u00a33.52
673
\u00a34.36
Exercisable
\u2014
\u2014
6
\u00a31.27
The weighted average share price on the exercise date of options was \u00a34.02 (2022: \u00a34.43). The weighted average fair value of options granted in the year was \u00a31.70 (2022: \u00a33.34). The expiry dates of options outstanding at the end of the year are as follows:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
Expiry date \u2013 31 December (\u2019000) exercise price (\u2019000) exercise price
2023
\u2014
\u2014
308
\u00a31.95
2024
17
\u00a39.83
42
\u00a39.83
2025
83
\u00a35.96
323
\u00a35.96
2026
750
\u00a33.13
\u2014
\u2014
The options outstanding at the end of the year have a weighted average contractual life of 2.78 years (2022: 1.78 years). c) LTI P During 2016 a Long Term Incentive Plan (\u201cLTIP\u201d) was implemented by the Remuneration and Nomination Committee. Participation in the LTIP is at the invitation of the Committee and is intended to be used to incentivise the performance and retention of the Company\u2019s Executives and certain key employees. The maximum awards for all participants are determined by the Remuneration and Nomination Committee with appropriate input from independent advisers. Performance is based on achieving targets. Targets are major milestones which are aligned to the Group\u2019s strategic plan and also a sliding scale of Total Shareholder Return (\u201cTSR\u201d), which is measured over a period of three years with an additional holding period of two years for Executives. Malus, hold and clawback conditions apply. Movements in the total number of share options outstanding and their relative weighted average exercise price are as follows:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
(\u2019000) exercise price (\u2019000) exercise price
Outstanding at 1 January
3,997
\u00a30.10
3,963
\u00a30.10
Granted
1,522
\u00a30.10
892
\u00a30.10
Exercised
(267)
\u00a30.10
(382)
\u00a30.10
Lapsed
(762)
\u00a30.10
(476)
\u00a30.10
Outstanding at 31 December
4,490
\u00a30.10
3,997
\u00a30.10
Exercisable
2,155
\u00a30.10
2,421
\u00a30.10
The weighted average fair value of options granted in the year ending 31 December 2023 was \u00a33.38 (2022: \u00a33.97). The weighted average share price on the exercise date of options was \u00a33.28 (2022: \u00a35.69). The expiry dates of options outstanding at the end of the year are as follows:
2023 2022
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
Expiry date \u2013 31 December (\u2019000) exercise price (\u2019000) exercise price
2026
829
\u00a30.10
1,029
\u00a30.10
2027
279
\u00a30.10
289
\u00a30.10
2028
543
\u00a30.10
559
\u00a30.10
2029
504
\u00a30.10
544
\u00a30.10
2030
\u2014
\u2014
696
\u00a30.10
2031
\u2014
\u2014
\u2014
\u2014
2032
850
\u00a30.10
880
\u00a30.10
2033
1,485
\u00a30.10
\u2014
\u2014
The options outstanding at the end of the year have a weighted average contractual life of 6.61 years (2022: 6.45 years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-335": { "value": "
26. Events after the balance sheet date
Since the end of the year, Ceres announced its first joint SOEC and SOFC licence agreement with Delta Electronics. The agreement
includes revenue of \u00a343m to Ceres through technology transfer, development licence fees, and engineering services.
Whilst we continue to maintain strong relationships with both Bosch and Weichai, it is now our belief that the proposed JV
is unlikely to be completed in its current form.
In February 2024, we made a strategic decision to discontinue our option to acquire the remaining shares of RFC Power (\u201cRFC\u201d),
the pioneering flow battery company, in which Ceres retains a 24.2% stake. We continue to support RFC\u2019s development through
technology and engineering services, leveraging the complementary nature of our expertise in electrochemistry and systems.
This decision is aligned with our strategy to concentrate on our core business areas of fuel cell and electrolysis innovation. We will
also continue to support RFC to engage with potential financial and strategic partners to best position it to achieve future growth
and success in the energy storage market.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "value": "
27. Capital commitments
Capital expenditure that has been contracted for but has not been provided for in the consolidated financial statements amounts
to \u00a35,671,000 as at 31 December 2023 (31 December 2022: \u00a38,679,000). The reduction reflects the progress made during the
year with the Group\u2019s planned test expansion and the production of the first-of-a-kind electrolysis demonstration unit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-337": { "value": "
28. Related party transactions
As at 31 December 2023 the Group\u2019s related parties were its Directors and RFC Power Ltd. Information around key management
compensation is set out in Note 6.
Major shareholders have been considered in the Director\u2019s Report and it was concluded that they do not meet the definition
of a related party in line with IAS 24 \u2018Related Party Disclosures\u2019.
During the year the following Directors exercised share options:
Total number Weighted Number
of options average price Total gain of shares
Date of exercise
Director
Type of options
 exercised on exercise on exercise retained
30 March 2023
Phil Caldwell
LTIP
200,000
\u00a33.463
\u00a3672,600
200,000
04 May 2023
Phil Caldwell
Sharesave
4,610
\u00a31.952
\u00a36,602
4,610
07 July 2023
Mark Selby
2004
ESS
2,063
\u00a32.825
\u00a34,066
2,063
12 July 2023
Michelle Traynor
Sharesave
1,844
\u00a31.952
\u00a32,003
1,844
10 August 2023
Clarissa de Jager
Sharesave
7,377
\u00a31.952
\u00a310,284
7,377
03 October 2023
Phil Caldwell
2004
ESS
11,859
\u00a33.204
\u00a327,869
11,859
During the year ended 31 December 2023 two Directors sold 141,313 2004 Employee Shareholder Status (ESS) shares in Ceres
Power Intermediate Holdings Ltd and received 92,864 Ceres Power Holdings plc shares in consideration in addition to the linked
ESS options as set out in the table above.
During the year ended 31 December 2022 one Director exercised and retained 7,109 share options under the Company\u2019s
employee Sharesave scheme and one Director exercised and sold 14,218 share options under the Company\u2019s employee
Sharesave scheme. There were no other transactions between the Company and the Directors during the year ended
31 December 2022.
Transactions between the Group and RFC Power Ltd, being an associated entity of the Group, comprised engineering consultancy
services provided by the Group to RFC Power for the value of \u00a30.6m (31 December 2022: \u00a30.4m) in return for equity share
capital as described in Note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "value": "28. Related party transactions As at 31 December 2023 the Group\u2019s related parties were its Directors and RFC Power Ltd. Information around key management compensation is set out in Note 6. Major shareholders have been considered in the Director\u2019s Report and it was concluded that they do not meet the definition of a related party in line with IAS 24 \u2018Related Party Disclosures\u2019. During the year the following Directors exercised share options:
Total number Weighted Number
of options average price Total gain of shares
Date of exercise
Director
Type of options
 exercised on exercise on exercise retained
30 March 2023
Phil Caldwell
LTIP
200,000
\u00a33.463
\u00a3672,600
200,000
04 May 2023
Phil Caldwell
Sharesave
4,610
\u00a31.952
\u00a36,602
4,610
07 July 2023
Mark Selby
2004
ESS
2,063
\u00a32.825
\u00a34,066
2,063
12 July 2023
Michelle Traynor
Sharesave
1,844
\u00a31.952
\u00a32,003
1,844
10 August 2023
Clarissa de Jager
Sharesave
7,377
\u00a31.952
\u00a310,284
7,377
03 October 2023
Phil Caldwell
2004
ESS
11,859
\u00a33.204
\u00a327,869
11,859
During the year ended 31 December 2023 two Directors sold 141,313 2004 Employee Shareholder Status (ESS) shares in Ceres Power Intermediate Holdings Ltd and received 92,864 Ceres Power Holdings plc shares in consideration in addition to the linked ESS options as set out in the table above. During the year ended 31 December 2022 one Director exercised and retained 7,109 share options under the Company\u2019s employee Sharesave scheme and one Director exercised and sold 14,218 share options under the Company\u2019s employee Sharesave scheme. There were no other transactions between the Company and the Directors during the year ended 31 December 2022. Transactions between the Group and RFC Power Ltd, being an associated entity of the Group, comprised engineering consultancy services provided by the Group to RFC Power for the value of \u00a30.6m (31 December 2022: \u00a30.4m) in return for equity share capital as described in Note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "Ceres Power Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-299": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "Viking House Foundry Lane Horsham West Sussex RH13 5PX", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }